|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|May 31, 2012||signed chap.64|
|May 21, 2012||delivered to governor|
|May 07, 2012||returned to senate|
ordered to third reading cal.514
substituted for a7833
|Mar 21, 2012||referred to ways and means|
delivered to assembly
|Mar 07, 2012||advanced to third reading|
|Mar 06, 2012||2nd report cal.|
|Mar 05, 2012||1st report cal.273|
|Feb 27, 2012||referred to housing, construction and community development|
senate Bill S6554Signed By Governor
Archive: Last Bill Status - Signed by Governor
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed by Governor
S6554 - Details
S6554 - Summary
Provides that up to ten percent of project cost for affordable home ownership development contracts may be used for particular operating costs.
S6554 - Sponsor Memo
BILL NUMBER:S6554 TITLE OF BILL: An act to amend the private housing finance law, in relation to affordable home ownership development contracts PURPOSE: This bill would allow for the payment of administrative funds to not-for-profit grantees. Additionally, the bill would broaden the pool of eligible projects to be assisted under the Affordable Home Ownership Development Program. SUMMARY OF PROVISIONS: This bill would: allow for grants to cover up to 100% of rehabilitation project costs if no acquisition is needed; allow for grants to cover up to 60% of rehabilitation project costs if an acquisition is taking place; and allow 10% of monies to be used for administrative costs associated with the development of affordable one-to-four family homes. JUSTIFICATION: This legislation would assist in program administration and operation,
S6554 - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 6554 I N S E N A T E February 27, 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 AN ACT to amend the private housing finance law, in relation to afforda- ble home ownership development contracts THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Subdivision 1 of section 1112 of the private housing finance law, as amended by chapter 333 of the laws of 2004, is amended to read as follows: 1. Within the limit of funds available in the affordable housing development account, the corporation is hereby authorized to enter into contracts with eligible applicants to provide grants which such appli- cants shall use to finance affordable home ownership development programs subject to the terms and conditions of this article. Any grants received by a municipality hereunder shall not be deemed to be municipal funds. Grantees shall utilize funds provided pursuant to this article solely as payments, grants and loans to owners to reduce the costs of new construction, rehabilitation or home improvement or the cost of acquisition, but only where such acquisition is part of an affordable home ownership development program or project to construct or rehabili- tate homes, or as otherwise authorized by law. Such financial assistance may be in the form of loans, participation in loans including but not limited to participation in loans originated or financed by lending institutions as defined in section forty-two of this chapter, private or public employee pension funds or the state of New York mortgage agency, or grants, on such terms and conditions as the grantee with the approval of the corporation shall determine, provided that no such payments, grants and loans shall exceed the lesser of (i) sixty percent of the project cost FOR PROJECTS INVOLVING ACQUISITION OR ONE HUNDRED PERCENT OF REHABILITATION PROGRAMS WITHOUT AN ACQUISITION COMPONENT or (ii) the following per dwelling unit limitations (A) thirty-five thousand dollars for projects except as provided in [clause] ITEM (B) of this [item (ii)] CLAUSE or (B) forty thousand dollars for a high cost project or a EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
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