New York S 880: Designates the uniformed court officers of the town of Busti, as peace officers

Bill Text

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S00880 Summary:

BILL NOS00880B

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SAME ASSAME AS A02707-B

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SPONSORJACKSON

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COSPNSRCLEARE, HOYLMAN-SIGAL

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MLTSPNSR

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Amd §§576, 577 & 577-b, Priv Hous Fin L

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Enacts the housing development fund company fairness, preservation, and affordability act to clarify certain provisions relating to the dissolution and reincorporation of housing development fund companies; provides for tax exemptions and abatements for housing development fund companies.

Go to top S00880 Actions:

BILL NOS00880B

&nbsp

01/08/2025REFERRED TO HOUSING, CONSTRUCTION AND COMMUNITY DEVELOPMENT

03/25/2025AMEND AND RECOMMIT TO HOUSING, CONSTRUCTION AND COMMUNITY DEVELOPMENT

03/25/2025PRINT NUMBER 880A

12/31/2025AMEND (T) AND RECOMMIT TO HOUSING, CONSTRUCTION AND COMMUNITY DEVELOPMENT

12/31/2025PRINT NUMBER 880B

01/07/2026REFERRED TO HOUSING, CONSTRUCTION AND COMMUNITY DEVELOPMENT

Go to topS00880 Committee&nbspVotes:

Go to topS00880 Floor&nbspVotes:

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

Go to topS00880 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 880--B

 2025-2026 Regular Sessions

 IN SENATE

 (Prefiled)

 January 8, 2025
 ___________

 Introduced by Sens. JACKSON, CLEARE, HOYLMAN-SIGAL -- read twice and
 ordered printed, and when printed to be committed to the Committee on
 Housing, Construction and Community Development -- committee
 discharged, bill amended, ordered reprinted as amended and recommitted
 to said committee -- committee discharged, bill amended, ordered
 reprinted as amended and recommitted to said committee

 AN ACT to amend the private housing finance law, in relation to enacting
 the housing development fund company fairness, preservation, and
 affordability act

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

 1 Section 1. Short title. This act shall be known and may be cited as
 2 the "housing development fund company fairness, preservation, and
 3 affordability act".
 4 § 2. Legislative findings and declarations. 1. In 1966, the legisla-
 5 ture enacted article 11 of the private housing finance law. Article 11
 6 authorized the development of rental and cooperative housing that is
 7 subject to certain income restrictions. The type of income-restricted
 8 housing is referred to as housing development fund companies (HDFCs).
 9 2. Beginning in the early 1980s, New York city adopted the HDFC form
 10 of housing cooperative as a means to divest itself of -- and revitalize
 11 -- its tax-foreclosed multi-family housing stock. At the time the city
 12 was experiencing large-scale abandonment of its private low and middle-
 13 income multi-family housing stock. In response to this housing crisis,
 14 the city determined to turn over the ownership and management of many
 15 city-owned tax-foreclosed multifamily buildings to the existing tenants
 16 in the form of HDFC co-ops.
 17 3. Previously, the city sold at auction nearly all of its tax-forec-
 18 losed multi-family property to private investors - and that traditional
 19 approach to disposing of tax foreclosed property had led to an acceler-

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD02813-06-5

 S. 880--B 2

 1 ating cycle of housing disinvestment and abandonment. The city's HDFC
 2 initiative was in the city's own interests: it enabled the city to avoid
 3 the counterproductive private auction process and to return the build-
 4 ings to the tax rolls.
 5 4. Over the past four decades the city's HDFC initiative proved to be
 6 one of New York's most enduring housing success stories. Tens of thou-
 7 sands of resident-shareholders of HDFCs played an important role in the
 8 stabilization and preservation of New York city's multi-family housing
 9 stock in the period following the city's fiscal crisis of the 1970s and
 10 1980s. The city's large-scale creation of HDFC co-ops was a major policy
 11 innovation and was an important part of the city's response to the hous-
 12 ing crisis of that era. Today, there are over 1,100 HDFC co-ops in New
 13 York city.
 14 5. All government and community stakeholders benefitted from the
 15 large-scale creation of HDFCs. The city bene