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A01746 Text:



 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          1746
 
                               2023-2024 Regular Sessions
 
                   IN ASSEMBLY
 
                                    January 20, 2023
                                       ___________
 
        Introduced by M. of A. DINOWITZ -- read once and referred to the Commit-
          tee on Housing
 
        AN ACT to amend the private housing finance law, in relation to adjusted
          rents under the participation loan program
 
          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:

     1    Section 1. Section 804 of the private housing finance law, as  amended
     2  by chapter 456 of the laws of 2003, is amended to read as follows:
     3    §  804. Rentals. [Notwithstanding the provisions of, or any regulation
     4  promulgated pursuant to, the emergency housing  rent  control  law,  the
     5  local  emergency  housing rent control act or local law enacted pursuant
     6  thereto, upon] Upon completion of  the  rehabilitation  of  an  existing
     7  multiple  dwelling,  the  construction of a new multiple dwelling or the
     8  conversion of non-residential property into a multiple dwelling aided by
     9  a participation loan made pursuant to this  article,  the  agency  shall
    10  establish  the  initial rent for each dwelling unit within the rehabili-
    11  tated, newly constructed or converted multiple dwelling;  provided  that
    12  upon  the  rehabilitation  of  an  existing  multiple dwelling which was
    13  subject to the provisions of, or any regulation promulgated pursuant to,
    14  the emergency housing rent control law, the local emergency housing rent
    15  control act, the rent stabilization law of nineteen  hundred  sixty-nine
    16  or  any  local  law enacted pursuant thereto, the adjusted rent shall be
    17  established pursuant to such provisions. Where the city of New  York  or
    18  the  New  York  city housing development corporation has participated or
    19  invested in a loan pursuant to this article, all dwelling  units  within
    20  the  multiple  dwelling subsequent to the establishment of initial rents
    21  by the agency shall be subject to the rent stabilization law of nineteen
    22  hundred sixty-nine provided, that the occupant in possession of a dwell-
    23  ing unit when the multiple dwelling is made subject to the rent stabili-
    24  zation law of nineteen hundred sixty-nine shall be offered  a  two  year
    25  lease notwithstanding any contrary provisions of, or regulations adopted
    26  pursuant  to,  the rent stabilization law of nineteen hundred sixty-nine
    27  at such initial rent set for such dwelling unit by the agency.
    28    § 2. This act shall take effect immediately.
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD00812-01-3
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