BILL NUMBER:A10652
TITLE OF BILL: An act to amend the public housing law and the public
authorities law, in relation to establishing the Long Island Next Gener-
ation - First Time Home Buyer Grant Program
PURPOSE OR GENERAL IDEA OF BILL: The State of New York Mortgage Agency
(SONYMA) receives no direct operating support from the state. However,
as required by statute, the state must guarantee payments made by the
agency to.the state in prior years. To satisfy this statute, the budget
appropriates $375-$390 million per year for this cause, however no such
cash disbursements Occur. With this in mind, the enactment of this bill
will require at the end of the fiscal year that $150 million of the fund
balance be reauthorized as the "Long Island Next Generation -First Time
Home Buyers Grant Program.
SUMMARY OF SPECIFIC PROVISIONS: The Public Housing Law is amended by
adding a new section 18A and section 2415 of the Public Authorities law
is amended by adding a new subdivision 5.
JUSTIFICATION: Housing continues to be a major problem for all Long
Islanders. The lack of building opportunities, the cost of construction
and the number of housing units needed have all played into this dilem-
ma, Funds from this program will change that focus and provide opportu-
nities for both first time homebuyers and middle class families. Helping
to keep young families in New York and on the Island and preventing the
S T A T E O F N E W Y O R K
________________________________________________________________________
10652
I N A S S E M B L Y
April 13, 2010
___________
Introduced by M. of A. MONTESANO -- read once and referred to the
Committee on Housing
AN ACT to amend the public housing law and the public authorities law,
in relation to establishing the Long Island Next Generation - First
Time Home Buyer Grant Program
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. The public housing law is amended by adding a new section
18-a to read as follows:
S 18-A. LONG ISLAND NEXT GENERATION - FIRST TIME HOME BUYERS GRANT
PROGRAM. 1. THERE IS ESTABLISHED WITHIN THE DIVISION OF HOUSING THE LONG
ISLAND NEXT GENERATION - FIRST TIME HOME BUYER GRANT PROGRAM.
2. THE PURPOSES OF THE PROGRAM SHALL BE TO MAKE GRANTS TO NASSAU AND
SUFFOLK COUNTIES AND MUNICIPALITIES WITHIN NASSAU AND SUFFOLK COUNTIES
SO THAT SUCH COUNTIES AND SUCH MUNICIPALITIES MAY ESTABLISH PROGRAMS TO
GIVE GRANTS TO FIRST TIME HOME BUYERS TO PURCHASE HOMES WITHIN SUCH
COUNTIES AND SUCH MUNICIPALITIES.
3. THE COMMISSIONER AND THE COMPTROLLER ARE AUTHORIZED AND DIRECTED TO
PROMULGATE RULES AND REGULATIONS TO ESTABLISH AND ADMINISTER THE LONG
ISLAND NEXT GENERATION - FIRST TIME HOME BUYER GRANT PROGRAM IN ACCORD-
ANCE WITH PURPOSES OF THE PROGRAM.
S 2. Section 2415 of the public authorities law is amended by adding a
new subdivision 5 to read as follows:
(5) THE AGENCY SHALL SET ASIDE AND DESIGNATE THE SUM OF ONE HUNDRED
FIFTY MILLION DOLLARS EACH YEAR FROM ITS BUDGET TO BE USED SOLELY FOR
THE ESTABLISHMENT AND ADMINISTRATION OF THE LONG ISLAND NEXT GENERATION
- FIRST TIME HOME BUYER GRANT PROGRAM FOR THE PURPOSES DESCRIBED IN
SECTION EIGHTEEN-A OF THE PUBLIC HOUSING LAW.
S 3. This act shall take effect on the ninetieth day after it shall
have become a law; provided that the commissioner of the division of
housing and community renewal and the comptroller are immediately
authorized and directed to promulgate, amend and/or repeal any rules and
regulations necessary to implement the provision of this act on its
effective date.
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
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