Bill Text: NY S05279 | 2019-2020 | General Assembly | Introduced


Bill Title: Modifies certain eligibility requirements and extends the time period for the payment of arrears for certain taxes.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2020-01-08 - REFERRED TO HOUSING, CONSTRUCTION AND COMMUNITY DEVELOPMENT [S05279 Detail]

Download: New_York-2019-S05279-Introduced.html


                STATE OF NEW YORK
        ________________________________________________________________________
                                          5279
                               2019-2020 Regular Sessions
                    IN SENATE
                                     April 23, 2019
                                       ___________
        Introduced  by  Sen. JACKSON -- read twice and ordered printed, and when
          printed to be committed to the Committee on Housing, Construction  and
          Community Development
        AN  ACT  to  amend  the  private housing finance law, in relation to the
          payment of arrears for certain taxes
          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. This act shall take effect immediately.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD10645-02-9
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