New York A 1839: Relates to limited-profit housing companies

Bill Text

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A01839 Summary:

BILL NOA01839 

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SAME ASNo Same As

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SPONSORRosenthal

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COSPNSR

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MLTSPNSR

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Amd §28, add §35-b, Priv Hous Fin L

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Relates to limited-profit housing companies; authorizes certain companies to pay dividends or interest in excess of six percent per annum; relates to the dissolution of certain rental housing companies.

Go to top A01839 Actions:

BILL NOA01839 

&nbsp

01/14/2025referred to housing

01/07/2026referred to housing

Go to topA01839 Committee&nbspVotes:

Go to topA01839 Floor&nbspVotes:

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

Go to topA01839 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 1839

 2025-2026 Regular Sessions

 IN ASSEMBLY

 January 14, 2025
 ___________

 Introduced by M. of A. ROSENTHAL -- read once and referred to the
 Committee on Housing

 AN ACT to amend the private housing finance law, in relation to limit-
 ed-profit housing companies in a city with a population of one million
 or more

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

 1 Section 1. Section 28 of the private housing finance law is amended by
 2 adding a new subdivision 4 to read as follows:
 3 4. (a) Notwithstanding any inconsistent provision of this article or
 4 of any other provision of general, special or local law, a company
 5 (other than a mutual company) that operates a municipally-aided project
 6 in a city with a population of one million or more and that is otherwise
 7 authorized to pay dividends upon its shares or interest upon its income
 8 debentures may, with the approval of the supervising agency, pay such
 9 dividends or interest in excess of six percent per annum.
 10 (b) On and after the date of the approval of such excess dividend or
 11 interest by the supervising agency pursuant to paragraph (a) of this
 12 subdivision, the provisions of section thirty-one of this article relat-
 13 ing to the variation of rental rates of dwelling units in such munici-
 14 pally-aided project shall not apply and rental rates of dwelling units
 15 may be increased annually by such company, without public hearing or
 16 further approval by the supervising agency, in the amount authorized by
 17 the rent guidelines board established pursuant to the rent stabilization
 18 law of nineteen hundred sixty-nine for rent stabilized dwelling units.
 19 (c) This subdivision shall not apply to a company with a mortgage loan
 20 insured or held by the federal government.
 21 § 2. The private housing finance law is amended by adding a new
 22 section 35-b to read as follows:

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD04469-01-5

 A. 1839 2

 1 § 35-b. Dissolution of certain rental housing companies. 1. For the
 2 purposes of this section, the following terms shall have the meanings
 3 set forth below:
 4 (a) "Affected development" shall mean housing accommodations (i)
 5 located in a city with a population of one million or more, (ii) in
 6 buildings completed or buildings substantially rehabilitated as family
 7 units on or after January first, nineteen hundred seventy-four, and
 8 (iii) operated prior to the dissolution date as a rental development
 9 pursuant to this article.
 10 (b) "Affected dwelling unit" shall mean housing in an affected devel-
 11 opment.
 12 (c) "Affected housing company" shall mean a limited-profit housing
 13 company with an affected development.
 14 (d) "Dissolution date" shall mean, with respect to any affected devel-
 15 opment, the date of the dissolution or reconstitution of the affected
 16 housing company with such affected development pursuant to section thir-
 17 ty-five of this article.
 18 (e) "Voucher recipient" shall mean a tenant in an affected dwelling
 19 unit who receives enhanced voucher assistance pursuant to the voucher
 20 act for such period as such tenant receives such assistance.
 21 (f) "Voucher unit" shall mean an affected dwelling unit that is at any
 22 time occupied by a voucher recipient, for such period as such affected
 23 dwelling unit is occupied by a voucher recipient.
 24 (g) "Market unit" shall mean an affected dwelling unit that is no
 25 longer subject to