senate Bill S6554

Signed By Governor
2011-2012 Legislative Session

Provides that up to ten percent of project cost for affordable home ownership development contracts may be used for particular operating costs

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Sponsored By

Archive: Last Bill Status - Signed by Governor


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

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Actions

view actions (13)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
May 31, 2012 signed chap.64
May 21, 2012 delivered to governor
May 07, 2012 returned to senate
passed assembly
ordered to third reading cal.514
substituted for a7833
Mar 21, 2012 referred to ways and means
delivered to assembly
passed senate
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

Votes

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Mar 5, 2012 - Housing, Construction and Community Development committee Vote

S6554
8
0
committee
8
Aye
0
Nay
0
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show Housing, Construction and Community Development committee vote details

Housing, Construction and Community Development Committee Vote: Mar 5, 2012

S6554 - Details

See Assembly Version of this Bill:
A7833
Law Section:
Private Housing Finance Law
Laws Affected:
Amd ยง1112, Priv Hous Fin L
Versions Introduced in 2009-2010 Legislative Session:
A3031

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

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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