Bill Text: NY S05413 | 2009-2010 | General Assembly | Introduced

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Bill Title: Relates to loans for a state-aided project owned by a limited-profit housing company and comprising in excess of five thousand rental dwelling units.

Sponsorship: Partisan Bill (Democrat 1)

Status: (Introduced - Dead) 2010-01-06 - REFERRED TO HOUSING, CONSTRUCTION AND COMMUNITY DEVELOPMENT [S05413 Detail]

Download: New_York-2009-S05413-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         5413
                              2009-2010 Regular Sessions
                                   I N  S E N A T E
                                      May 1, 2009
                                      ___________
       Introduced  by  Sen.  ESPADA -- 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 loans
         for a state-aided project owned by a  limited-profit  housing  company
         and comprising in excess of 5,000 rental dwelling units
         THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section 1. The private housing finance law is amended by adding a  new
    2  section 22-b to read as follows:
    3    S  22-B.  LOANS  IN  EXCESS  OF PROJECT COST FOR A STATE-AIDED PROJECT
    4  OWNED BY A LIMITED-PROFIT HOUSING COMPANY AND COMPRISING  IN  EXCESS  OF
    5  FIVE  THOUSAND  RENTAL  DWELLING UNITS. NOTWITHSTANDING ANY PROVISION OF
    6  THIS ARTICLE TO THE CONTRARY, THE COMMISSIONER MAY APPROVE  A  LOAN  AND
    7  ENCUMBRANCE  OF A STATE-AIDED PROJECT COMPRISING MORE THAN FIVE THOUSAND
    8  RENTAL DWELLING UNITS IN EXCESS OF ACTUAL PROJECT COST WITHIN THE  MEAN-
    9  ING OF SECTION TWENTY-ONE OF THIS ARTICLE, PROVIDED THAT:
   10    (A)  IN CONJUNCTION WITH THE MAKING OF SUCH LOAN, THE CAPITAL RESERVES
   11  OF THE PROJECT SHALL BE IN AN  AMOUNT  AT  LEAST  EQUAL  TO  TWENTY-FIVE
   12  PERCENT  OF  THE  AMOUNT  OF SUCH LOAN WHICH EXCEEDS SUCH ACTUAL PROJECT
   13  COST;
   14    (B) THE RENTS PAID BY THE TENANTS MAY NOT BE INCREASED TO PAY FOR  ANY
   15  CONSEQUENT  INCREASE IN INDEBTEDNESS THAT IS NOT ATTRIBUTABLE TO PROJECT
   16  COST OR OTHERWISE PERMITTED PURSUANT TO  SECTION  TWENTY-TWO-A  OF  THIS
   17  ARTICLE; AND
   18    (C) THE COMPANY ENTERS INTO AN AGREEMENT TO CONTINUE TO REMAIN SUBJECT
   19  TO  THE PROVISIONS OF THIS ARTICLE FOR A PERIOD OF NO LESS THAN AN ADDI-
   20  TIONAL THIRTY YEARS FROM ISSUANCE OF THE LOAN AND ENCUMBRANCE.
   21    S 2. This act shall take effect immediately.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD11698-01-9