Senate Bill S4678

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

                                  4678

                       2009-2010 Regular Sessions

                            I N  S E N A T E

                             April 27, 2009
                               ___________

Introduced  by  Sen.  YOUNG  -- read twice and ordered printed, and when
  printed to be committed to the Committee on Housing, Construction  and
  Community Development

AN  ACT to amend the private housing finance law, in relation to the low
  income housing trust fund program

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

  Section 1. Section 1100 of the private housing finance law, as amended
by chapter 121 of the laws of 1988, is amended to read as follows:
  S 1100. Statement of legislative findings and purpose. The legislature
hereby  finds  and  declares  that there is a serious shortage of decent
affordable housing in the state for persons of low income; that the cost
of providing such housing without public participation and assistance is
prohibitively high; that there exists throughout the state a significant
number of dwellings which are deteriorated and are vacant  or  underuti-
lized;  THAT  THERE  EXISTS THROUGHOUT THE STATE A SIGNIFICANT NUMBER OF
OCCUPIED DWELLINGS WHICH ARE ALSO DETERIORATED, UNSAFE  OR  SUBSTANDARD;
that  the  existence  of such properties creates a serious threat to the
health and safety of persons who live in or near them, limits the avail-
ability of decent affordable  housing  to  others,  contributes  to  the
blight   and   deterioration  of  neighborhoods,  and  drains  municipal
resources and expenditures; that the rehabilitation of these  properties
would  stem the deterioration of neighborhoods and promote the preserva-
tion and creation of safe and sanitary  low  income  housing;  that  the
potential exists to make such housing available to persons of low income
through  projects  carried  out  by  eligible applicants to rehabilitate
these dwelling accommodations, bring these accommodations  into  compli-
ance  with  all applicable laws and regulations and remove all hazardous
and immediately hazardous code conditions; that  the  purposes  of  this
article should also be served by providing for new construction of hous-
ing  for persons of low income in areas in which rehabilitation opportu-

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD04264-02-9
              

S. 4678                             2

nities are limited or where new construction  would  prove  to  be  more
effective;  that  the carrying out of such projects serves a significant
public purpose and may appropriately be  performed  by  eligible  appli-
cants;  that  payment for such services, tax exemptions and other public
participation in such projects would bring down the cost of such housing
and make it affordable to persons of low income;  and  that  it  is  the
policy  of  the state to preserve and create such housing and to provide
for the aid, care, and support of the needy.  The legislature  therefore
finds  that  a  program  should be established to provide monies for the
rehabilitation and construction of these properties by  eligible  appli-
cants to promote the preservation and creation of affordable housing for
persons of low income.
  It  is intended that any payments, grants or loans provided to munici-
palities through this program not substitute for funds which such  muni-
cipalities would have spent in the absence of this program and that such
payments,  grants  and  loans  will enable such municipalities to expand
their commitment to increase the supply of affordable low income housing
to levels greater than would have been possible without this program.
  S 2. Subdivision 12 of section 1101 of  the  private  housing  finance
law,  as  amended by chapter 121 of the laws of 1988, is amended to read
as follows:
  12. "Project"  shall  mean  a  MODERATE  REHABILITATION,  cooperative,
condominium,  homesteading  or rental project.   In cases where any such
project consists of less than the total number of  units  or  the  total
amount of floor space of a property, any reference in this article, to a
"project",  "MODERATE  REHABILITATION  PROJECT",  "cooperative project",
"condominium project", "rental project" or "homesteading project"  shall
mean that portion of such property which makes up such project.
  S  3.  Section  1101  of the private housing finance law is amended by
adding a new subdivision 14 to read as follows:
  14. "MODERATE REHABILITATION PROJECT" SHALL MEAN ANY OCCUPIED RESIDEN-
TIAL PROPERTY OR ANY PORTION THEREOF WHICH, IF VACANT OR  UNDEROCCUPIED,
WOULD  QUALIFY AS A COOPERATIVE PROJECT, CONDOMINIUM PROJECT, HOMESTEAD-
ING PROJECT OR RENTAL PROJECT.
  S 4. This act shall take effect immediately.