New York A 8588: Relates to the powers of the New York state division of housing and community renewal and supervising agencies and the obligations of certain New York state funded housing providers

Bill Text

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A08588 Summary:

BILL NOA08588 

&nbsp

SAME ASNo Same As

&nbsp

SPONSORDe Los Santos

&nbsp

COSPNSRDinowitz, Steck, Glick, Davila, Taylor

&nbsp

MLTSPNSR

&nbsp

Amd 22-a & 82-a, Priv Hous Fin L

&nbsp

Expands the powers of the New York state division of housing and community renewal and supervising agencies and modifies the obligations of certain New York state funded housing providers.

Go to top A08588 Actions:

BILL NOA08588 

&nbsp

05/21/2025referred to housing

05/28/2025reported referred to ways and means

01/07/2026referred to ways and means

Go to topA08588 Committee&nbspVotes:

Committee:HOUSING Chair:Rosenthal 
DATE:05/28/2025AYE/NAY:27/0 Action: Favorable refer to committee Ways and Means RosenthalAyeNovakhovAye

CookAyeFitzpatrickAye

KimAyeBrown K Aye

WalkerAyeBrown EAAye

Bichotte HermelAyeBrook-KrasnyAye

DavilaExcusedChangAye

EpsteinAyeMaherAye

EichensteinAyeNorberAye

MeeksAye

BurdickAye

RiveraAye

JacksonAye

KellesAye

TapiaAye

LucasAye

Chandler-WatermAye

LeeAye

LevenbergAye

DaisAye

TorresAye

Go to topA08588 Floor&nbspVotes:

There are no Assembly votes for this bill in this legislative session.

Go to topA08588 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 8588

 2025-2026 Regular Sessions

 IN ASSEMBLY

 May 21, 2025
 ___________

 Introduced by M. of A. DE LOS SANTOS -- (at request of the New York
 State Homes and Community Renewal) -- read once and referred to the
 Committee on Housing

 AN ACT to amend the private housing finance law, in relation to the
 powers of the New York state division of housing and community renewal
 and supervising agencies and the obligations of certain New York state
 funded housing providers

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

 1 Section 1. Section 22-a of the private housing finance law, as added
 2 by chapter 208 of the laws of 2008, is amended to read as follows:
 3 § 22-a. Redevelopment loans. Notwithstanding any provision of this
 4 article to the contrary, where a state-aided project undergoes a compre-
 5 hensive redevelopment plan, which may include energy efficiency upgrades
 6 or technology intended to reduce greenhouse gas emissions, the commis-
 7 sioner may approve a loan and encumbrance of such project in an amount
 8 in excess of actual project cost within the meaning of section twenty-
 9 one of this article, provided that such amount represents the cost of
 10 capital improvements, redevelopment or acquisition [by a new owner], any
 11 consequent rent increase is not unduly burdensome to the tenants, and
 12 the company enters into an agreement to remain subject to the provisions
 13 of this article for a period of no less than an additional [fifteen]
 14 thirty years from issuance of the loan and encumbrance. Provided
 15 further that the commissioner shall not provide for an additional return
 16 on equity that exceeds more than ten percent over the cost of the capi-
 17 tal improvement or redevelopment of the project.
 18 § 2. Section 82-a of the private housing finance law, as added by
 19 chapter 208 of the laws of 2008, is amended to read as follows:
 20 § 82-a. Redevelopment loans. Notwithstanding any provision of section
 21 eighty-one or eighty-two of this article to the contrary, where a hous-
 22 ing company undergoes a comprehensive redevelopment plan, which may

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD10189-02-5

 A. 8588 2

 1 include energy efficiency upgrades or technology intended to reduce
 2 greenhouse gas emissions, the commissioner may approve a loan and encum-
 3 brance of such project in an amount in excess of actual cost of the
 4 project, provided that such amount represents the cost of capital
 5 improvements, redevelopment or acquisition [by a new owner], any conse-
 6 quent rent increase is not unduly burdensome to the tenants, and the
 7 housing company enters into an agreement to remain subject to the
 8 provisions of this article for a period of no less than [fifteen] thirty
 9 years from issuance of the loan and encumbrance. Provided further that
 10 the commissioner shall not provide for an additional return on equity
 11 that exceeds more than ten percent over the