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A03957 Summary:

BILL NOA03957A
 
SAME ASNo Same As
 
SPONSORWright
 
COSPNSRMosley, Walker, Rosenthal
 
MLTSPNSR
 
Amd §§26-405 & 26-511, NYC Ad Cd
 
Relates to rent adjustments for major capital improvements.
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A03957 Memo:

NEW YORK STATE ASSEMBLY
MEMORANDUM IN SUPPORT OF LEGISLATION
submitted in accordance with Assembly Rule III, Sec 1(f)
 
BILL NUMBER: A3957A
 
SPONSOR: Wright
  TITLE OF BILL: An act to amend the administrative code of the city of New York, in relation to rent adjustments for major capital improvements   PURPOSE OR GENERAL IDEA OF BILL: The purpose of this legislation is to require owners of rent stabilized buildings in the city of New York who apply for a major capital improve- ment (MCI) rent adjustment to first apply to receive tax abatement bene- fits, pursuant to the "J-51" program. The owner may still receive MCI benefits if their application for "J-51" benefits was not denied due to untimely or improper completion of the application.   SUMMARY OF SPECIFIC PROVISIONS: This bill would require owners of rent stabilized buildings in the city of New York who apply for an MCI rent adjustment to first apply to receive tax abatement benefits, pursuant to the "J-51" program. The owner may still receive MCI benefits if their application for "J-51" benefits was not denied due to untimely or improper completion of the application.   JUSTIFICATION: In this current economic time, areas of New York City struggle to main- tain their community integrity as families find it increasingly diffi- cult to obtain adequate and affordable housing. By applying for "J-51" tax abatements units will receive additional protections and will be included in the rent stabilization system. This will ensure that these units continue to provide affordable housing for tenants in those commu- nities.   PRIOR LEGISLATIVE HISTORY: 2013-2014: A5826   FISCAL IMPLICATIONS: None.   EFFECTIVE DATE: Immediately.
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