Bill Text: NY A10559 | 2017-2018 | General Assembly | Introduced


Bill Title: Extends expiration of authority granted to the city of New York to restructure the rents of units in buildings receiving municipally financed rehabilitation loans.

Spectrum: Partisan Bill (Democrat 2-0)

Status: (Passed) 2018-07-01 - signed chap.95 [A10559 Detail]

Download: New_York-2017-A10559-Introduced.html


                STATE OF NEW YORK
        ________________________________________________________________________
                                          10559
                   IN ASSEMBLY
                                       May 7, 2018
                                       ___________
        Introduced by M. of A. NIOU, CYMBROWITZ -- read once and referred to the
          Committee on Housing
        AN  ACT  to  amend  chapter 449 of the laws of 1986 amending the private
          housing finance law relating to establishing initial rents in  respect
          of certain loans to owners of existing multiple dwellings, in relation
          to the effectiveness thereof
          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:
     1    Section 1. Section 5 of chapter 449 of the laws of 1986, amending  the
     2  private  housing  finance  law relating to establishing initial rents in
     3  respect of certain loans to owners of existing  multiple  dwellings,  as
     4  amended  by  chapter  75  of  the  laws  of  2014, is amended to read as
     5  follows:
     6    § 5. This  act  shall  take  effect  immediately;  provided  that  the
     7  provisions  of  sections  one,  two and four of this act shall remain in
     8  full force and effect until and including June 30, [2018] 2021, provided
     9  further that dwelling units made subject to the rent  stabilization  law
    10  of  nineteen  hundred  sixty-nine  pursuant to such sections of this act
    11  shall continue to remain subject to such law.
    12    § 2. This act shall take effect immediately; provided,  however,  that
    13  if  this  act  shall  have  become a law after June 30, 2018 it shall be
    14  deemed to have been in full force and effect on and after June 30, 2018.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD15751-01-8
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