senate Bill S7278A

Relates to funding of contracts of neighborhood preservation companies and not-for-profit corporations

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Bill Status


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor
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actions

  • 02 / May / 2012
    • REFERRED TO HOUSING, CONSTRUCTION AND COMMUNITY DEVELOPMENT
  • 16 / May / 2012
    • AMEND AND RECOMMIT TO HOUSING, CONSTRUCTION AND COMMUNITY DEVELOPMENT
  • 16 / May / 2012
    • PRINT NUMBER 7278A
  • 04 / Jun / 2012
    • REPORTED AND COMMITTED TO FINANCE
  • 19 / Jun / 2012
    • COMMITTEE DISCHARGED AND COMMITTED TO RULES
  • 19 / Jun / 2012
    • ORDERED TO THIRD READING CAL.1367
  • 19 / Jun / 2012
    • SUBSTITUTED BY A9843A

Summary

Relates to funding of contracts of neighborhood preservation companies and not-for-profit corporations.

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Bill Details

See Assembly Version of this Bill:
A9843A
Versions:
S7278
S7278A
Legislative Cycle:
2011-2012
Law Section:
Private Housing Finance Law
Laws Affected:
Amd §§902, 903, 904, 1002, 1003 & 1004, add §§910 & 1011, Priv Hous Fin L

Votes

Sponsor Memo

BILL NUMBER:S7278A

TITLE OF BILL:
An act
to amend the private housing finance law, in relation to the funding for
contracts of neighborhood preservation companies and not-for-profit
corporations

PURPOSE:
The purpose of this legislation is to allow Preservation Companies to
merge and provide services to unserved and underserved areas of the
State.

SUMMARY OF PROVISIONS:
This bill would:

* Authorize two or more Neighborhood Preservation Companies (NPC) to
formally merge with each other, as well as, two or more Rural
Preservation Companies (RPC) to formally merge with each other.

* Define merged company and unmerged company.

* Eliminate the annual contract cap.

* Create funding modification tables for merged companies.

* Require that the Division of Housing and-Community Renewal establish
a merged company savings fund; such funds would be used-for new
contracts with neighborhood and rural preservation companies located
in areas of the state that are currently unserved by an existing
neighborhood or rural preservation company.

* Allow a merged companies' office facilities may be located outside
such neighborhood or region if the office facilities are located in a
municipality wholly contained within the merged companies'
neighborhood or region.

Section 2 provides the effective date.

JUSTIFICATION:
Neighborhood and Rural Preservation Companies (WPCs and RPCs) are
community-based not-for-profit corporations that preserve and promote
housing opportunities for low-and-moderate-income persons.
Housing rehabilitation and development, tenant and homeowner
assistance, and foreclosure prevention are a few vital activities
performed by WPCs and RPCs.

Preservation companies have a designated geographic location that they
serve, and unfortunately, because of the economic crisis, there are
areas in the State that are not served by preservation companies.
This legislation would allow preservation companies to merge formally
and use their existing resources to greater effect.

A merged companies' office facilities may be located outside such
neighborhood or region if the office facilities are located in a


municipality wholly contained within the merged companies'
neighborhood or region.

If two or more companies merge, New York State Homes and Community
Renewal (HCR) would apply an elevated funding modification. In
existing law, HCR distributes funds to each company, Under this
legislation, two companies that formally merge would receive twice as
much as a company that does not merge or informally merges with
another company, In subsequent years, the percentage of the
allocation would be reduced until the merged entity would be
receiving 150% of the funds distributed for two companies that
formally merge; 200% of the funds distributed for three companies
that formally merge; and 300% of the funds distributed for four or
more companies that formally merge. Any savings that eventually come
to the state under this model shall not be recaptured by the State;
rather, HCR shall distribute such savings to the preservation
coalitions to assist the preservation companies in efficiencies and
mergers.

LEGISLATIVE HISTORY:
New bill.

FISCAL IMPLICATIONS:
None to the State.

EFFECTIVE DATE:
This act shall take effect immediately.

view bill text
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                 7278--A

                            I N  S E N A T E

                               May 2, 2012
                               ___________

Introduced  by  Sen.  YOUNG  -- read twice and ordered printed, and when
  printed to be committed to the Committee on Housing, Construction  and
  Community  Development  -- committee discharged, bill amended, ordered
  reprinted as amended and recommitted to said committee

AN ACT to amend the private housing finance  law,  in  relation  to  the
  funding  for contracts of neighborhood preservation companies and not-
  for-profit corporations

  THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section  1.  Section 902 of the private housing finance law is amended
by adding two new subdivisions 7 and 8 to read as follows:
  7. "MERGED COMPANY" SHALL MEAN  A  NEIGHBORHOOD  PRESERVATION  COMPANY
MAINTAINING  A  CONTRACT  PURSUANT TO SECTION NINE HUNDRED THREE OF THIS
ARTICLE THAT HAS UNDERGONE A MERGER WITH ONE OR MORE OTHER  NEIGHBORHOOD
PRESERVATION COMPANIES, WHICH IS ALSO MAINTAINING A CONTRACT PURSUANT TO
SECTION  NINE  HUNDRED  THREE  OF  THIS ARTICLE, THAT HAS LED THE MERGED
COMPANIES TO REDUCE THE NUMBER OF CONTRACTS BEING  MAINTAINED  WITH  THE
DIVISION  PURSUANT  TO  SECTION  NINE HUNDRED THREE OF THIS ARTICLE TO A
TOTAL OF ONE.
  8. "UNMERGED COMPANY" SHALL MEAN A NEIGHBORHOOD  PRESERVATION  COMPANY
THAT IS NOT A MERGED COMPANY.
  S  2. Subdivision 5 of section 902 of the private housing finance law,
as amended by chapter 668 of the laws of 1985, is  amended  to  read  as
follows:
  5.   "Neighborhood  preservation  activities"  shall  mean  activities
engaged in by a neighborhood preservation  company  within  a  geograph-
ically  defined  neighborhood of a municipality, PROVIDED, HOWEVER, THAT
THE DIVISION MAY FUND A NEIGHBORHOOD PRESERVATION COMPANY TO  ENGAGE  IN
SUCH  ACTIVITIES  IN  UNSERVED AND UNDERSERVED AREAS OF THE MUNICIPALITY
LYING OUTSIDE OF ITS INITIALLY DESIGNATED NEIGHBORHOOD  AREA,  THAT  ARE
designed   (a)  to  construct,  maintain,  preserve,  repair,  renovate,
upgrade, improve,  modernize,  rehabilitate  or  otherwise  prolong  the
useful  life and to manage and coordinate the rehabilitation of residen-
tial dwelling accommodations within such neighborhood, to restore  aban-

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD14807-07-2

S. 7278--A                          2

doned and vacant as well as occupied housing accommodations to habitable
condition;  to  demolish  structurally  unsound  or  unsafe or otherwise
unsightly or unhealthy structures which no longer serve or  can  econom-
ically  be made to serve a useful purpose consistent with stabilizing or
improving a neighborhood; to seal and maintain vacant  but  structurally
sound  structures  which  are capable of being rehabilitated at a future
time and used for  housing  purposes;  to  acquire,  where  appropriate,
buildings which contain housing accommodations; to facilitate the dispo-
sition  of  buildings  containing  housing  accommodations to individual
occupants thereof or to cooperative groups whose members shall be  occu-
pants thereof; to assist owners, occupants and tenants of housing accom-
modations  to obtain improvements in the physical conditions thereof and
in the maintenance and management thereof; and to manage housing  accom-
modations  as agents for the owners thereof or administrators or receiv-
ers appointed or designated pursuant to any law of the state; and (b) to
accomplish similar purposes and  meet  similar  needs  with  respect  to
retail and service establishments within such neighborhoods when carried
out  in  connection  with and incidental to a program of housing related
activities.
  S 3. Subdivision 2 of section 903 of the private housing finance  law,
as  amended  by  chapter  668 of the laws of 1985, is amended to read as
follows:
  2. Prior to entering into a contract with a neighborhood  preservation
company,  the  commissioner shall have made a finding that the neighbor-
hood in which the activities are proposed to  be  conducted  contains  a
significant  amount of deteriorating or substandard housing which is not
being adequately repaired, renovated, upgraded, modernized or  rehabili-
tated  under  existing  programs so as to provide sound housing at costs
which the residents of such neighborhoods can afford; that the neighbor-
hood preservation company which proposes to contract  with  the  commis-
sioner  is  a  bona fide organization which shall have been in existence
either as a corporation or as an  unincorporated,  organized  group  and
performing significant neighborhood preservation activities for at least
one  full year prior to entering into any contract with the commissioner
and which shall have demonstrated by  its  immediate  past  and  current
activities  that it has the ability to preserve, repair, maintain, reno-
vate, rehabilitate, manage  or  operate  housing  accommodations  or  to
engage  in  other neighborhood preservation activities in such neighbor-
hood; that the neighborhood preservation  activities  which  are  to  be
performed  pursuant to the proposed contract are needed by the neighbor-
hood; and that the neighborhood preservation company possesses  or  will
acquire  or gain access to the requisite staff, office facilities within
such neighborhood, equipment and expertise to enable it to  perform  the
activities  which  it  proposes  to undertake pursuant to such contract;
PROVIDED, HOWEVER, THAT  MERGED  COMPANIES'  OFFICE  FACILITIES  MAY  BE
LOCATED  OUTSIDE SUCH NEIGHBORHOOD IF THEY ARE LOCATED IN A MUNICIPALITY
WHOLLY CONTAINED WITHIN THE MERGED COMPANIES' NEIGHBORHOOD, AND provided
FURTHER, however, that it shall not  be  a  bar  to  the  commissioner's
contracting  with  a  neighborhood preservation company that one or more
organizations, whether pursuant to contract  with  the  commissioner  or
not,  are  conducting  neighborhood  preservation  activities  wholly or
partially within the same neighborhood.
  S 4. Paragraph (d) of subdivision 3 of  section  903  of  the  private
housing  finance  law,  as  added by chapter 852 of the laws of 1977, is
amended to read as follows:

S. 7278--A                          3

  (d) that the neighborhood preservation company's  officers,  directors
and members are fairly representative of the residents and other legiti-
mate  interests  of  the  neighborhood,  that they will carry out such a
contract in a responsible manner and that [a majority] AT LEAST  THIRTY-
THREE  PERCENT of the directors of the neighborhood preservation company
are residents of the neighborhood;
  S 5. Subdivision 4 of section 903 of the private housing finance  law,
as amended by section 1 of part FF of chapter 57 of the laws of 2009, is
amended to read as follows:
  4.  Contracts  entered  into  hereunder with neighborhood preservation
companies shall be limited in duration to periods of one year,  but  may
thereafter  be renewed, extended or succeeded by new contracts from year
to year in the discretion of the commissioner; [they shall be limited in
amount to the sum of one hundred thousand  dollars  in  a  single  year,
provided  that  in  any year in which the aggregate sum of three hundred
thousand dollars shall have been reached and all succeeding  years,  the
annual contract amount shall be subject to a limit of ninety-seven thou-
sand five hundred dollars per year;] they shall define with particulari-
ty  the  neighborhood  or  portion thereof within which the neighborhood
preservation activities shall  be  performed;  they  shall  specify  the
nature  of  the  neighborhood  preservation  activities  which  shall be
performed including the approximate  number  of  buildings,  residential
dwelling  units  and local retail and service establishments which shall
be affected; they shall locate and describe, with as much  particularity
as  is  reasonably  possible,  the  buildings with respect to which such
activities shall be performed during the contract term; and  they  shall
specify  the  number of persons, salaries or rates of compensation and a
description of duties of those who shall be engaged by the  neighborhood
preservation  company to perform the activities embraced by the contract
together with a schedule of other anticipated expenses.
  S 6. Section 904 of the private housing  finance  law  is  amended  by
adding a new subdivision 5 to read as follows:
  5.  WHEN DISBURSING FUNDS FOR CONTRACTS WITH NEIGHBORHOOD PRESERVATION
COMPANIES, PURSUANT TO SECTION NINE HUNDRED THREE OF THIS  ARTICLE,  THE
DIVISION SHALL USE THE FOLLOWING CRITERIA, FORMULAS AND TABLES TO DETER-
MINE THE DISTRIBUTION OF FUNDS:
  (A)(I)  THE  TOTAL  UNMERGED  COMPANY  FUNDING SHALL EQUAL THE CURRENT
NUMBER OF UNMERGED COMPANY CONTRACTS MULTIPLIED BY THE PER GROUP AWARD.
  (II) THE UNMERGED COMPANY FUNDING SHALL EQUAL THE PER GROUP AWARD.
  (III) THE MERGED COMPANY FUNDING SHALL EQUAL THE FUNDING  MODIFICATION
MULTIPLIED BY THE PER GROUP AWARD.
  (B)  MERGED COMPANY FUNDING SHALL BE DETERMINED ON AN INDIVIDUAL BASIS
FOR EACH NEIGHBORHOOD PRESERVATION COMPANY.  THE FOLLOWING  TABLES  SHOW
THE FUNDING MODIFICATION TO BE USED:
  (I) IN THE CASE OF TWO COMPANIES MERGING, THE FOLLOWING TABLE SHALL BE
USED:
          YEARS SINCE    FUNDING
          MERGER         MODIFICATION
            1              200%
            2              190%
            3              180%
            4              170%
            5              160%
            6              150%
  (II) IN THE CASE OF THREE COMPANIES MERGING, THE FOLLOWING TABLE SHALL
BE USED:

S. 7278--A                          4

          YEARS SINCE    FUNDING
          MERGER         MODIFICATION
            1              300%
            2              290%
            3              280%
            4              270%
            5              260%
            6              250%
            7              240%
            8              230%
            9              220%
            10             210%
            11             200%
  (III)  IN  THE  CASE  OF FOUR OR MORE COMPANIES MERGING, THE FOLLOWING
TABLE SHALL BE USED:
          YEARS SINCE      FUNDING
            MERGER       MODIFICATION
              1              400%
              2              390%
              3              380%
              4              370%
              5              360%
              6              350%
              7              340%
              8              330%
              9              320%
             10              310%
             11              300%
             12              290%
             13              280%
             14              270%
             15              260%
             16              250%
  (C) IF A NEIGHBORHOOD PRESERVATION COMPANY THAT HAS UNDERGONE A MERGER
CONTINUES TO RENEW THEIR CONTRACT BEYOND THE TIMEFRAMES  LISTED  IN  THE
ABOVE  TABLES, IT SHALL HAVE ITS FUNDING DETERMINED USING THE LAST FUND-
ING MODIFICATION LISTED.
  (D) THE MERGED COMPANY SAVINGS SHALL BE DETERMINED  ON  AN  INDIVIDUAL
BASIS FOR EACH MERGED COMPANY. IT SHALL BE CALCULATED BY SUBTRACTING THE
AMOUNT  OF  SUCH  COMPANY'S  MERGED  COMPANY FUNDING FROM THE AMOUNT THE
MERGED COMPANIES WOULD HAVE RECEIVED IF  THEY  HAD  MAINTAINED  SEPARATE
CONTRACTS.
  (E)  THE PER GROUP AWARD SHALL EQUAL THE TOTAL FUNDING AVAILABLE MINUS
THE AMOUNT FOR THE CONTRACT WITH THE  NEIGHBORHOOD  PRESERVATION  COALI-
TION,  WHICH SHALL EQUAL THE TOTAL UNMERGED COMPANY FUNDING PLUS THE SUM
OF THE MERGED COMPANY  FUNDING  PLUS  THE  SUM  OF  THE  MERGED  COMPANY
SAVINGS.
  S  7.  The  private  housing  finance  law  is amended by adding a new
section 910 to read as follows:
  S 910. MERGED COMPANY SAVINGS FUND. THE DIVISION SHALL CREATE  A  FUND
TO  HOLD  AND  SHALL  TRANSFER ALL FUNDS DETERMINED TO BE MERGED COMPANY
SAVINGS PURSUANT TO PARAGRAPH (D) OF SUBDIVISION FIVE  OF  SECTION  NINE
HUNDRED FOUR OF THIS ARTICLE INTO SUCH FUND. THE DIVISION SHALL USE SUCH
FUNDS,  AS  AVAILABLE,  FOR  ENTERING  INTO  NEW  CONTRACTS, PURSUANT TO
SECTION NINE HUNDRED THREE OF THIS ARTICLE, WITH NEIGHBORHOOD  PRESERVA-

S. 7278--A                          5

TION COMPANIES LOCATED IN AREAS OF THE STATE THAT ARE CURRENTLY UNSERVED
BY A NEIGHBORHOOD PRESERVATION COMPANY.
  S  8.  Section  1002  of the private housing finance law is amended by
adding two new subdivisions 7 and 8 to read as follows:
  7. "MERGED CORPORATION" SHALL MEAN A NOT-FOR-PROFIT CORPORATION  MAIN-
TAINING  A CONTRACT PURSUANT TO SECTION ONE THOUSAND THREE OF THIS ARTI-
CLE THAT HAS UNDERGONE A MERGER WITH ONE OR  MORE  OTHER  NOT-FOR-PROFIT
CORPORATION,  WHICH  IS  ALSO MAINTAINING A CONTRACT PURSUANT TO SECTION
ONE THOUSAND THREE OF THIS ARTICLE, THAT HAS LED THE MERGED CORPORATIONS
TO REDUCE THE NUMBER OF CONTRACTS BEING  MAINTAINED  WITH  THE  DIVISION
PURSUANT  TO  SECTION  ONE  THOUSAND THREE OF THIS ARTICLE TO A TOTAL OF
ONE.
  8. "UNMERGED CORPORATION" SHALL MEAN A NOT-FOR-PROFIT CORPORATION THAT
IS NOT A MERGED CORPORATION.
  S 9. Subdivision 2 of section 1003 of the private housing finance law,
as amended by chapter 625 of the laws of 1988, is  amended  to  read  as
follows:
  2.  Prior  to entering into a contract with a corporation, the commis-
sioner shall have made a finding that the region in which the activities
are proposed to be conducted contains a significant  amount  of  deteri-
orating  or  substandard housing which is not being adequately repaired,
renovated, upgraded, modernized or rehabilitated under existing programs
so as to provide sound housing at costs  which  the  residents  of  such
region  can afford; that the corporation which proposes to contract with
the commissioner is a bona fide organization which shall  have  been  in
existence  either  as  a  corporation or as an unincorporated, organized
group and performing  significant  housing  preservation  and  community
renewal activities for at least one full year prior to entering into any
contract  with the commissioner and which shall have demonstrated by its
immediate past and  current  activities  that  it  has  the  ability  to
preserve,  repair,  maintain,  renovate, rehabilitate, manage or operate
housing accommodations or to engage in other  housing  preservation  and
community  renewal activities in such region; that the housing preserva-
tion and community renewal activities which are to be performed pursuant
to the proposed contract are needed by the region; and that  the  corpo-
ration  possesses or will acquire or gain access to the requisite staff,
office facilities with direct  access  to  such  region,  equipment  and
expertise  to  enable  it to perform the activities which it proposes to
undertake pursuant to such  contract;  PROVIDED,  HOWEVER,  THAT  MERGED
CORPORATIONS'  OFFICE  FACILITIES  MAY BE LOCATED OUTSIDE SUCH REGION IF
THEY ARE LOCATED IN A MUNICIPALITY WHOLLY CONTAINED  WITHIN  THE  MERGED
CORPORATIONS'  REGION,  AND provided FURTHER, however, that it shall not
be a bar to the commissioner's contracting with a corporation  that  one
or  more  other  organizations,  are conducting housing preservation and
community renewal activities wholly or partially within the same  region
whether or not pursuant to contract with the commissioner.
  S  10.  Subdivision  4  of section 1003 of the private housing finance
law, as amended by section 2 of part FF of chapter 57  of  the  laws  of
2009, is amended to read as follows:
  4. Contracts pursuant to this section shall be for a period of no more
than  one  year,  but may be renewed or extended from year to year[, and
shall provide for payment by the division of no more  than  one  hundred
thousand dollars per year, provided that in any year in which the aggre-
gate  sum  of three hundred thousand dollars shall have been reached and
all succeeding years, the annual contract amount shall be subject  to  a
limit  of  ninety-seven  thousand  five  hundred dollars per year]; they

S. 7278--A                          6

shall define with particularity the region  or  portion  thereof  within
which the housing preservation and community renewal activities shall be
performed; they shall specify the nature of the housing preservation and
community  renewal  activities  which  shall  be performed including the
approximate number of buildings, residential dwelling  units  and  local
retail  and  service  establishments which shall be affected; they shall
locate and describe, with as much particularity as is reasonably  possi-
ble,  the  buildings  with  respect  to  which  such activities shall be
performed during the contract term; and they shall specify the number of
persons, salaries or rates of compensation and a description  of  duties
of  those  who shall be engaged by the corporation to perform the activ-
ities embraced by the contract together with a schedule of other  antic-
ipated expenses.
  S  11.  Section  1004 of the private housing finance law is amended by
adding a new subdivision 5 to read as follows:
  5. WHEN DISBURSING FUNDS  FOR  CONTRACTS  WITH  NOT-FOR-PROFIT  CORPO-
RATIONS,  PURSUANT  TO  SECTION  ONE THOUSAND THREE OF THIS ARTICLE, THE
DIVISION SHALL USE THE FOLLOWING CRITERIA, FORMULAS AND TABLES TO DETER-
MINE THE DISTRIBUTION OF FUNDS:
  (A) (I) THE TOTAL UNMERGED CORPORATION FUNDING SHALL EQUAL THE CURRENT
NUMBER OF UNMERGED CORPORATION CONTRACTS MULTIPLIED  BY  THE  PER  GROUP
AWARD.
  (II) THE UNMERGED CORPORATION FUNDING SHALL EQUAL THE PER GROUP AWARD.
  (III) THE MERGED CORPORATION FUNDING SHALL EQUAL THE FUNDING MODIFICA-
TION MULTIPLIED BY THE PER GROUP AWARD.
  (B)  MERGED  CORPORATION  FUNDING SHALL BE DETERMINED ON AN INDIVIDUAL
BASIS FOR EACH NOT-FOR-PROFIT CORPORATION.   THE FOLLOWING  TABLES  SHOW
THE FUNDING MODIFICATION TO BE USED:
  (I)  IN  THE  CASE  OF  TWO  NOT-FOR-PROFIT  CORPORATIONS MERGING, THE
FOLLOWING TABLE SHALL BE USED:
          YEARS SINCE      FUNDING
            MERGER       MODIFICATION
              1              200%
              2              190%
              3              180%
              4              170%
              5              160%
              6              150%
  (II) IN THE CASE OF THREE  NOT-FOR-PROFIT  CORPORATIONS  MERGING,  THE
FOLLOWING TABLE SHALL BE USED:
          YEARS SINCE      FUNDING
             MERGER      MODIFICATION
              1             300%
              2             290%
              3             280%
              4             270%
              5             260%
              6             250%
              7             240%
              8             230%
              9             220%
             10             210%
             11             200%
  (III) IN THE CASE OF FOUR OR MORE NOT-FOR-PROFIT CORPORATIONS MERGING,
THE FOLLOWING TABLE SHALL BE USED:
          YEARS SINCE      FUNDING

S. 7278--A                          7

             MERGER      MODIFICATION
              1             400%
              2             390%
              3             380%
              4             370%
              5             360%
              6             350%
              7             340%
              8             330%
              9             320%
             10             310%
             11             300%
             12             290%
             13             280%
             14             270%
             15             260%
             16             250%
  (C)  IF  A  NOT-FOR-PROFIT  CORPORATION  THAT  HAS  UNDERGONE A MERGER
CONTINUES TO RENEW THEIR CONTRACT BEYOND THE TIMEFRAMES  LISTED  IN  THE
ABOVE  TABLES, IT SHALL HAVE ITS FUNDING DETERMINED USING THE LAST FUND-
ING MODIFICATION LISTED.
  (D) THE MERGED CORPORATION SAVINGS SHALL BE DETERMINED ON AN  INDIVID-
UAL  BASIS  FOR  EACH  MERGED  CORPORATION.  IT  SHALL  BE CALCULATED BY
SUBTRACTING THE AMOUNT OF SUCH CORPORATION'S MERGED CORPORATION  FUNDING
FROM  THE AMOUNT THE MERGED CORPORATIONS WOULD HAVE RECEIVED IF THEY HAD
MAINTAINED SEPARATE CONTRACTS.
  (E) THE PER GROUP AWARD SHALL EQUAL THE TOTAL FUNDING AVAILABLE  MINUS
THE  AMOUNT FOR THE CONTRACT WITH THE RURAL PRESERVATION COALITION WHICH
SHALL EQUAL THE TOTAL UNMERGED COMPANY  FUNDING  PLUS  THE  SUM  OF  THE
MERGED COMPANY FUNDING.
  S  12.  The  private  housing  finance  law is amended by adding a new
section 1011 to read as follows:
  S 1011. MERGED COMPANY SAVINGS FUND. THE DIVISION SHALL CREATE A  FUND
TO HOLD AND SHALL TRANSFER ALL FUNDS DETERMINED TO BE MERGED CORPORATION
SAVINGS  PURSUANT  TO  PARAGRAPH  (D) OF SUBDIVISION FIVE OF SECTION ONE
THOUSAND FOUR OF THIS ARTICLE INTO SUCH FUND.  THE  DIVISION  SHALL  USE
SUCH  FUNDS,  AS AVAILABLE, FOR ENTERING INTO NEW CONTRACTS, PURSUANT TO
SECTION ONE THOUSAND THREE OF THIS ARTICLE, WITH  NOT-FOR-PROFIT  CORPO-
RATIONS  LOCATED  IN AREAS OF THE STATE THAT ARE CURRENTLY UNSERVED BY A
NOT-FOR-PROFIT CORPORATION THAT IS MAINTAINING A  CONTRACT  PURSUANT  TO
SECTION ONE THOUSAND THREE OF THIS ARTICLE.
  S 13. This act shall take effect immediately.

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