Bill Text: NY S09414 | 2023-2024 | General Assembly | Introduced

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Bill Title: Extends provisions relating to establishment of initial rents in housing accommodations rehabilitated with loans to housing development companies.

Spectrum: Partisan Bill (Democrat 2-0)

Status: (Introduced) 2024-05-28 - SUBSTITUTED BY A10213 [S09414 Detail]

Download: New_York-2023-S09414-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          9414

                    IN SENATE

                                      May 15, 2024
                                       ___________

        Introduced  by  Sen.  KAVANAGH -- (at request of the NYC H.P.D.) -- 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 84 of the laws of 1993, amending the private
          housing finance law relating to  establishment  of  initial  rents  in
          housing accommodations rehabilitated with loans to housing development
          companies, in relation to extending the effectiveness thereof

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

     1    Section 1. Section 2 of chapter 84 of the laws of 1993,  amending  the
     2  private  housing  finance law relating to establishment of initial rents
     3  in housing accommodations rehabilitated with loans to  housing  develop-
     4  ment  companies,  as  amended  by  chapter  177  of the laws of 2021, is
     5  amended to read as follows:
     6    § 2. This act shall take effect immediately and shall remain  in  full
     7  force  and  effect  until and including June 30, [2024] 2027 after which
     8  date it shall expire and be deemed repealed except that  dwelling  units
     9  made  subject  to  the rent stabilization law of nineteen hundred sixty-
    10  nine pursuant to subdivision 2 of section 576-c of the  private  housing
    11  finance  law,  as  added  by  section one of this act, shall continue to
    12  remain subject to such law.
    13    § 2. This act shall take effect immediately; provided,  however,  that
    14  if  this  act  shall  have become a law after June 30, 2024, it shall be
    15  deemed to have been in full force and effect on and after June 30, 2024.




         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD15464-01-4