STATE OF NEW YORK
________________________________________________________________________
5279
2019-2020 Regular Sessions
IN SENATE
April 23, 2019
___________
Introduced by Sen. JACKSON -- 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
payment of arrears for certain taxes
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. Paragraph (b) of subdivision 1 and subparagraphs 1 and 9 of
2 paragraph (b) of subdivision 2 of section 577-b of the private housing
3 finance law, paragraph (b) of subdivision 1 as amended by chapter 225 of
4 the laws of 2004 and subparagraphs 1 and 9 of paragraph (b) of subdivi-
5 sion 2 as added by chapter 315 of the laws of 2002, are amended and
6 paragraph (b) of subdivision 2 is amended by adding a new subparagraph
7 4-a to read as follows:
8 (b) [on January first, two thousand two, had] has outstanding munici-
9 pal real estate taxes relating to any prior period [prior to January
10 first, two thousand one].
11 (1) a term of [thirty] forty years;
12 (4-a) that suspended arrears shall be subordinated to any loan
13 obtained by the housing development fund corporation for allowable
14 purposes;
15 (9) that the company shall be required to increase maintenance charges
16 by a minimum of two percent per year or impose assessments to insure
17 that the company can provide for its obligations.
18 § 2. This act shall take effect immediately.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD10645-02-9
