BILL NUMBER: S9454
SPONSOR: JACKSON
 
TITLE OF BILL:
An act to amend chapter 777 of the laws of 1986, amending the private
housing finance law relating to small loans to owners of multiple dwell-
ings to remove substandard or insanitary conditions, in relation to
extending the effectiveness thereof
 
SUMMARY OF PROVISIONS:
This bill amends the Private Housing Finance Law ("PHFL") to extend the
ability of the local housing agency in the City of New York to restruc-
ture rents in multiple dwellings that are receiving Article 8-A rehabil-
itation loans. Such rent restructuring authority currently expires on
June 30, 2024. This extender would be effective for loans closed on or
before June 30, 2027.
 
REASONS FOR SUPPORT:
Chapter 76 of the Laws of 2014 extended the ability of the local housing
agency in the City of New York, the Department of Housing Preservation
and Development ("HPD"), to establish initial rents in multiple dwell-
ings that are receiving Article 8-A rehabilitation loans. Such rent
restructuring authority currently expires on June 30, 2024. This legis-
lation extends this authority to June 30, 2027.
It is essential that the City of New York continue to have the ability
to restructure rents for its programs that provide low-interest loans
for affordable housing rehabilitation. Rent restructuring is an impor-
tant tool in ensuring that monthly operating costs and debt service
payments will continue to be paid, thereby preventing the abandonment of
residential buildings. Such authority is an important component in HPD's
rehabilitation programs and is codified in other rehabilitation statutes
such as Articles 8, 11 and 15 of the PHFL and Article 16 of the General
Municipal Law.
Accordingly, the Mayor urges the earliest possible favorable consider-
ation of this proposal by the Legislature.