S T A T E O F N E W Y O R K
________________________________________________________________________
5475
2009-2010 Regular Sessions
I N A S S E M B L Y
February 13, 2009
___________
Introduced by M. of A. BOYLAND -- read once and referred to the Commit-
tee on Cities
AN ACT to establish the Vacant Lot Development program and making an
appropriation therefor
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. There is hereby established a Vacant Lot Development
program. Such program shall be funded by the state and shall provide low
interest financing for new construction projects upon vacant in-fill
lots in cities with a population of one million or more. Such financing
shall be available to developers for economically feasible projects
which dedicate at least seventy-five percent occupancy for persons of
low income whose income does not exceed fifty percent of the median
income for the metropolitan statistical area in which the project is
located. Under the program, a person may borrow up to 70,000 dollars
per unit for residential dwellings not to exceed three stories with a
maximum of 270,000 dollars available for any interested person. The rate
of interest for each such loan shall be fixed at three percent. If the
person borrowing under the program is a developer, such person shall
repay the entire amount of the loan together with interest within one
year from the date on which the loan monies were made available to such
person. If the person borrowing under the program is not a developer,
such person shall repay the entire amount of the loan together with
interest within twenty years from the date on which the loan monies were
made available to such person; provided that such person shall reside at
the residential dwelling for which such loan was made available for five
continuous years from the date on which the loan monies were made avail-
able to such person.
S 2. The sum of twenty million dollars ($20,000,000), or so much ther-
eof as may be necessary, is hereby appropriated to the Vacant Lot Devel-
opment program established under section one of this act out of any
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD08780-01-9
A. 5475 2
monies in the state treasury in the general fund to the credit of the
local assistance account not otherwise appropriated for the purpose of
providing low interest financing for new construction upon vacant
in-fill lots in cities with a population of one million or more. Such
sum shall be payable on the audit and warrant of the state comptroller
on vouchers certified or approved by the director of management and
budget of the city of New York. No expenditure shall be made from this
appropriation until a certificate of approval of availability shall have
been issued by the director of the budget and filed with the state comp-
troller and a copy filed with the chairman of the senate finance commit-
tee and the chairman of the assembly ways and means committee. Such
certificate may be amended from time to time by the director of the
budget and a copy of each such amendment shall be filed with the state
comptroller, the chairman of the senate finance committee and the chair-
man of the assembly ways and means committee.
S 3. This act shall take effect immediately.