S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________

                                          930

                              2009-2010 Regular Sessions

                                   I N  S E N A T E

                                   January 21, 2009
                                      ___________

       Introduced  by  Sen.  KRUGER -- read twice and ordered printed, and when
         printed to be committed to the Committee on Housing, Construction  and
         Community Development

       AN  ACT  to  amend  the  private housing finance law, in relation to the
         maximum surcharge that may be charged on income

         THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
       BLY, DO ENACT AS FOLLOWS:

    1    Section 1. Section 31 of the private housing finance law is amended by
    2  adding a new subdivision 12 to read as follows:
    3    12.  THE MAXIMUM SURCHARGE IMPOSED SHALL, IN NO EVENT, BE GREATER THAN
    4  THE AMOUNT OF THE TAX EXEMPTION, IF ANY, GRANTED BY THE MUNICIPALITY, AS
    5  DETERMINED ON AN INDIVIDUAL UNIT BASIS.
    6    S 2. This act shall take effect on the first of July  next  succeeding
    7  the date on which it shall have become a law.






        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD06449-01-9