New York S 4876: Relates to land banks

Bill Text

Bill Search and Legislative Information | New York State Assembly 

• 

• 

• 

• 

• 

• 

• 

• 

 Skip to main content 

 New York State Assembly

 Speaker Carl E. Heastie

 --> 
 --> 

 --> 

• 
 Assembly Members 

• 
 Legislative Info 

• 
 Public Hearings 

• 
 Speaker's Press 

• 
 Assembly Reports 

• 
 Committees & More 

• Bill Search Home
• Laws
• Legislative Calendar
• Public Hearing Schedule
• Assembly Calendars
• Assembly Committee Agenda 

 Javascript must be enabled to properly view this page. 

 Bill No.: 

• Summary 
• Actions 
• Committee&nbspVotes 
• Floor&nbspVotes 
• Memo 
• Text 
• LFIN 
• Chamber&nbspVideo/Transcript 
S04876 Summary:

BILL NOS04876 

&nbsp

SAME ASNo Same As

&nbsp

SPONSORFAHY

&nbsp

COSPNSR

&nbsp

MLTSPNSR

&nbsp

Amd §1607, N-PC L

&nbsp

Authorizes land banks to lend money, to make grants and take and hold real and personal property as security for the payment of funds so loaned or for the performance and enforcement of grant agreements.

Go to top S04876 Actions:

BILL NOS04876 

&nbsp

02/13/2025REFERRED TO CORPORATIONS, AUTHORITIES AND COMMISSIONS

01/07/2026REFERRED TO CORPORATIONS, AUTHORITIES AND COMMISSIONS

Go to topS04876 Committee&nbspVotes:

Go to topS04876 Floor&nbspVotes:

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

Go to topS04876 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 4876

 2025-2026 Regular Sessions

 IN SENATE

 February 13, 2025
 ___________

 Introduced by Sen. FAHY -- read twice and ordered printed, and when
 printed to be committed to the Committee on Corporations, Authorities
 and Commissions

 AN ACT to amend the not-for-profit corporation law, in relation to land
 banks

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

 1 Section 1. Clauses 21 and 22 of paragraph (a) of section 1607 of the
 2 not-for-profit corporation law, as amended by chapter 338 of the laws of
 3 2016, are amended to read as follows:
 4 (21) to organize a subsidiary for a project or projects which the land
 5 bank has the power to pursue under this article when the primary reason
 6 for which the subsidiary shall be organized shall be to limit the poten-
 7 tial liability impact of the subsidiary's project or projects on the
 8 land bank or because state or federal law requires that the purpose of a
 9 subsidiary be undertaken through a specific corporate or business struc-
 10 ture. All real property of a subsidiary organized under this article
 11 shall be maintained on the inventory lists required in this article of
 12 the land bank of which it is a subsidiary and the subsidiary shall make
 13 all reports and other disclosures as are required of land banks under
 14 this article and as local public authorities, unless the subsidiary's
 15 operations and finances are consolidated with those of the land bank of
 16 which it is a subsidiary. Subsidiaries organized under this article
 17 shall be established in the form of a New York charitable not-for-profit
 18 corporation or a New York single member limited liability company.
 19 Subsidiaries shall not have the authority to issue bonds, notes or other
 20 debts, provided, however, that such subsidiaries may issue notes or
 21 other debt to the land bank of which it is a subsidiary. The organiza-
 22 tional documents filed to create a subsidiary under this article shall
 23 state that the land bank is organizing the subsidiary for the purposes
 24 set forth in this article and the name of the subsidiary shall be

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD09395-01-5

 S. 4876 2

 1 reasonably related to the name of the land bank of which it is a subsid-
 2 iary. The real property of a subsidiary organized under this article and
 3 its income and operations are exempt from all taxation by the state of
 4 New York and by any of its political subdivisions; [and]
 5 (22) to lend money, to make grants and take and hold real and personal
 6 property as security for the payment of funds so loaned or for the
 7 performance and enforcement of grant agreements; and
 8 (23) to do all other things necessary to achieve the objectives and
 9 purposes of the land bank or other laws that relate to the purposes and
 10 responsibility of the land bank.
 11 § 2. This act shall take effect immediately.

Go to top 

• 

 Sitemap 

 Request Information 

 Directions and Maps