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NY A10741
Bill
Status
6/17/2016
Primary Sponsor
Herman Farrell
Click for details
AI Summary
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STAR Tax Credit Transition (Part A): Establishes personal income tax credit for homeowners ineligible for School Tax Relief (STAR) exemption, with basic credit available for incomes up to $500,000 and enhanced credit for senior citizens meeting income limits; allows advance payments through tax department.
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Foreclosure and Vacant Property Protections (Part Q): Requires mortgage servicers to inspect vacant properties every 25-35 days, post notices, secure and maintain properties meeting maintenance standards, with civil penalties up to $500/day for violations; establishes statewide vacant property registry and expedited foreclosure procedures for truly abandoned properties.
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Pre-Foreclosure Notice Requirements (Part Q): Mandates lenders provide 90-day notice before foreclosure with information on loss mitigation options, housing counseling agencies, and homeowner rights; requires notices in borrower's native language for limited English proficient individuals.
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Mandatory Settlement Conferences (Part Q): Requires courts to hold settlement conferences within 60 days of service in residential foreclosure actions; obligates lenders to negotiate in good faith and produce loss mitigation documentation; allows courts to impose penalties and toll interest for plaintiff failures to negotiate.
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Education and Public Authority Provisions (Parts D-M, O-P): Appropriates funding for nonpublic school aid, home care worker compensation, SUNY/CUNY capital projects; extends NYC school governance provisions to June 30, 2017; authorizes charter schools to change authorizing entities.
Legislative Description
Relates to a school tax reduction credit for residents of a city with a population over one million; relates to the school tax relief exemption (Part A); relates to the farm workforce retention credit (Part B); relates to the board of directors of NYRA (Part C); amends the aid to localities budget, relating to nonpublic school aid payable in the 2014-2015 state fiscal year (Part D); relates to home care worker wage parity (Part E); relates to effectiveness of certain managed care programs (Part F); relates to enforcement of building codes of the City of New York (Part G); intentionally omitted (Part H); relates to the New York state design and construction corporation act (Part I); extends provisions relating to the membership composition of the metropolitan transportation authority board (Part J); amends the aid to localities budget, relating to the office for aging community services program and the Wadsworth center for laboratories and research program (Part K); amends the aid to localities budget, relating to making technical corrections thereto (Part L); amends the capital projects budget, relating to general maintenance and improvements for the city university of New York and state university of New York (Part M); intentionally omitted (Part N); relates to extending the provisions relating to the reorganization of the NYC school construction authority, board of education and community boards; extends such provisions until 2017; relates to school based budgeting and expenditure reporting (Part O); and relates to the duties and powers of charter entities (Part P).
Last Action
substituted by s8159
6/17/2016