Bill Text: NY S06884 | 2013-2014 | General Assembly | Introduced

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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 (Republican 1-0)

Status: (Passed) 2014-06-30 - SIGNED CHAP.75 [S06884 Detail]

Download: New_York-2013-S06884-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         6884
                                   I N  S E N A T E
                                    March 25, 2014
                                      ___________
       Introduced  by  Sen.  YOUNG  -- read twice and ordered printed, and when
         printed to be committed to the Committee on Housing, Construction  and
         Community Development
       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 effective date 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  142  of  the  laws  of 2010, is amended to read as
    5  follows:
    6    S 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, [2014] 2018, 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    S 2. This act shall take effect immediately; provided,  however,  that
   13  if  this  act shall have become a law after June 30, 2014, it shall take
   14  effect immediately and shall be deemed to have been in  full  force  and
   15  effect on and after June 30, 2014.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD14525-01-4