Bill Text: NY S02015 | 2021-2022 | General Assembly | Amended

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Bill Title: Modifies certain eligibility requirements; extends the time period for the payment of arrears for certain taxes; places limitations on housing development fund company regulatory agreements.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2022-03-04 - PRINT NUMBER 2015A [S02015 Detail]

Download: New_York-2021-S02015-Amended.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                         2015--A

                               2021-2022 Regular Sessions

                    IN SENATE

                                    January 16, 2021
                                       ___________

        Introduced  by  Sen. JACKSON -- read twice and ordered printed, and when
          printed to be committed to the Committee on Housing, Construction  and
          Community  Development  --  recommitted  to  the Committee on Housing,
          Construction and Community Development in accordance with Senate  Rule
          6,  sec. 8 -- committee discharged, bill amended, ordered reprinted as
          amended and recommitted to said committee

        AN ACT to amend the private housing finance  law,  in  relation  to  the
          payment  of arrears for certain taxes and placing limitations on hous-
          ing development fund company regulatory agreements

          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:

     1    Section 1. Paragraph (b) of subdivision 1 and subparagraphs 1 and 9 of
     2  paragraph  (b)  of subdivision 2 of section 577-b of the private housing
     3  finance law, paragraph (b) of subdivision 1 as amended by chapter 225 of
     4  the laws of 2004 and subparagraphs 1 and 9 of paragraph (b) of  subdivi-
     5  sion  2  as  added  by  chapter 315 of the laws of 2002, are amended and
     6  paragraph (b) of subdivision 2 is amended by adding a  new  subparagraph
     7  4-a to read as follows:
     8    (b)  [on January first, two thousand two, had] has outstanding munici-
     9  pal real estate taxes relating to any prior  period  [prior  to  January
    10  first, two thousand one].
    11    (1) a term of [thirty] forty years;
    12    (4-a)  that  suspended  arrears  shall  be  subordinated  to  any loan
    13  obtained by the  housing  development  fund  corporation  for  allowable
    14  purposes;
    15    (9) that the company shall be required to increase maintenance charges
    16  by  a  minimum  of  two percent per year or impose assessments to insure
    17  that the company can provide for its obligations.
    18    § 2. Section 576 of the private housing  finance  law  is  amended  by
    19  adding a new subdivision 4 to read as follows:

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD01942-02-2
        S. 2015--A                          2

     1    4.  Notwithstanding  any  provision  of law, rule or regulation to the
     2  contrary, a regulatory agreement pursuant to this section shall not:
     3    a. Include a requirement for a monitor approved by the commissioner or
     4  supervising agency, as the case may be;
     5    b.  Place any limitations that would restrict the ability of a housing
     6  development fund company  to  obtain  a  mortgage  or  comply  with  the
     7  provisions of this chapter, including but not limited to, imposing sales
     8  caps  on  the  sale  of dwelling units within a housing development fund
     9  company project;
    10    c. Require a housing development fund company  to  hire  a  management
    11  company  from a list of companies approved by the commissioner or super-
    12  vising agency, as the case may be;
    13    d. Where a shareholder of a housing development fund company  inherits
    14  residential  property within one hundred miles of the municipality where
    15  the housing development fund company project, require  such  shareholder
    16  to  either  vacate  their  dwelling unit in the housing development fund
    17  company project or sell such inherited property;
    18    e. Limit the assets of a shareholder of  a  housing  development  fund
    19  company  to  one hundred seventy-five percent or less of the area median
    20  income for a family of four for the county in which a project is located
    21  as calculated by the United  States  department  of  housing  and  urban
    22  development;
    23    f. Require a shareholder to demonstrate he or she resides in the hous-
    24  ing development fund company project dwelling unit more than one hundred
    25  eighty-three days a year; or
    26    g.  Require  the sale of a dwelling unit in a housing development fund
    27  company project to be administered  through  a  housing  portal  of  the
    28  commissioner or supervising agency, as the case may be.
    29    § 3. This act shall take effect immediately.