A 1414: Relates to certain adjusted rents under the participation loan program; provides that rehabilitated rent control and rent stabilized units shall have adjusted rents determined in accordance with such programs.

  
  STATE OF NEW YORK ________________________________________________________________________ 1414 2025-2026 Regular Sessions  IN ASSEMBLY January 9, 2025 ___________ 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. LBD03246-01-5