New York City Council Header
File #: Int 0979-2018    Version: * Name: Community land trusts.
Type: Introduction Status: Laid Over in Committee
Committee: Committee on Housing and Buildings
On agenda: 6/7/2018
Enactment date: Law number:
Title: A Local Law to amend the administrative code of the city of New York, in relation to community land trusts
Sponsors: Donovan J. Richards, Stephen T. Levin, Helen K. Rosenthal
Council Member Sponsors: 3
Summary: This bill specifies the conditions under which the Department of Housing Preservation and Development (HPD) is required to enter into a regulatory agreement with a community land trust. Additionally, this bill also clarifies that HPD may renegotiate a 99-year ground lease agreement before the expiration of such ground lease, and that the default for a regulatory agreement need not be 99 years.
Attachments: 1. Summary of Int. No. 979, 2. Int. No. 979, 3. Hearing Transcript - Stated Meeting 6-7-18, 4. Committee Report 10/16/18, 5. Hearing Testimony 10/16/18, 6. Hearing Transcript 10/16/18
Date Ver.Prime SponsorAction ByActionResultAction DetailsMeeting DetailsMultimedia
10/16/2018*Donovan J. Richards Committee on Housing and Buildings Hearing Held by Committee  Action details Meeting details Not available
10/16/2018*Donovan J. Richards Committee on Housing and Buildings Laid Over by Committee  Action details Meeting details Not available
6/7/2018*Donovan J. Richards City Council Referred to Comm by Council  Action details Meeting details Not available
6/7/2018*Donovan J. Richards City Council Introduced by Council  Action details Meeting details Not available

Int. No. 979

 

By Council Members Richards, Levin and Rosenthal

 

A Local Law to amend the administrative code of the city of New York, in relation to community land trusts

 

Be it enacted by the Council as follows:

Section 1.  Subdivisions b and c of section 26-2001 of the administrative code of the city of New York, as added by local law number 67 for the year 2018, are amended to read as follows:

b. The supervising agency [shall] may enter into a regulatory agreement with an eligible community land trust [that applies for such regulatory agreement and meets such supervising agency’s standardized terms and conditions for such agreement] provided that such trust agrees to such terms and conditions as such agency deems necessary; and (i) is a recipient of a loan or grant from the city of New York; (ii) acquires real property or an interest therein from the city of New York; or (iii) receives a tax exemption approved by the council of the city of New York, upon the recommendation of the supervisory agency. Such regulatory agreement shall also require that the community land trust enter into a 99-year ground lease agreement with the owners of structures or improvements located on land which is subject to the regulatory agreement.

[c. The supervising agency may enter into a regulatory agreement with an eligible community land trust, provided that such trust agrees to such terms and conditions as such agency deems necessary; and (i) is a recipient of a loan or grant from the city of New York; (ii) acquires real property or an interest therein from the city of New York; or (iii) receives a tax exemption approved by the council of the city of New York, upon the recommendation of the supervising agency.]

§ 2. This local law takes effect immediately and is retroactive to and deemed to have been in full force and effect as of May 19, 2018.

LS 6473

MPC

5/2/18