New York City Council Header
File #: Int 0248-2018    Version: * Name: Requiring increased transparency regarding the sale of housing development fund company units.
Type: Introduction Status: Committee
Committee: Committee on Housing and Buildings
On agenda: 1/31/2018
Enactment date: Law number:
Title: A Local Law to amend the administrative code of the city of New York, in relation to requiring increased transparency regarding the sale of housing development fund company units
Sponsors: Antonio Reynoso
Council Member Sponsors: 1
Summary: This local law would require the Department of Housing Preservation and Development (HPD) to report to the Council on the average sale price of Housing Development Fund Company units sold within each Community Board District.
Indexes: Report Required
Attachments: 1. Summary of Int. No. 248, 2. Int. No. 248, 3. January 31, 2018 - Stated Meeting Agenda

Int. No. 248

 

By Council Member Reynoso

 

A Local Law to amend the administrative code of the city of New York, in relation to requiring increased transparency regarding the sale of housing development fund company units

 

Be it enacted by the Council as follows:

                     Section 1. Title 26 of the administrative code of the city of New York is amended by adding a new chapter 21 to read as follows:

CHAPTER 21

HOUSING DEVELOPMENT FUND COMPANIES

§ 26-2101 Definitions.

§ 26-2102 Sales.

 

§ 26-2101 Definitions. For the purposes of this chapter:

Department. The term “department” means the department of housing preservation and development.

Housing development fund company. The term “housing development fund company” means housing development fund company as defined by subdivision 8 of the private housing finance law.

                     § 26-1802 Sales. By no later than June 1 of each year, the department shall report to the council on the average sale price of housing development fund company units sold within each community board district where a housing development fund company unit exists, in the prior year.

§ 2. This local law takes effect 120 days after it becomes law, except that the commissioner of housing preservation and development may take such measures as are necessary for its implementation, including the promulgation of rules, before such effective date.

 

EAA/GP/MPC

LS 327

LS 6328/Int. No. 1113-2016

12/6/17 10:09am