Bill Text: NY S04965 | 2023-2024 | General Assembly | Introduced

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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) 2024-01-03 - REFERRED TO HOUSING, CONSTRUCTION AND COMMUNITY DEVELOPMENT [S04965 Detail]

Download: New_York-2023-S04965-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          4965

                               2023-2024 Regular Sessions

                    IN SENATE

                                    February 17, 2023
                                       ___________

        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 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:
    20    4. Notwithstanding any provision of law, rule  or  regulation  to  the
    21  contrary, a regulatory agreement pursuant to this section shall not:
    22    a. Include a requirement for a monitor approved by the commissioner or
    23  supervising agency, as the case may be;

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD00048-02-3
        S. 4965                             2

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