S T A T E O F N E W Y O R K
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4347
2013-2014 Regular Sessions
I N A S S E M B L Y
February 4, 2013
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Introduced by M. of A. PRETLOW -- read once and referred to the Commit-
tee on Housing
AN ACT to amend the private housing finance law, in relation to afforda-
ble home ownership development contracts within the city of Yonkers
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 64 of the laws of 2012, 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
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD07709-01-3
A. 4347 2
for projects except as provided in item (B) of this clause or (B) forty
thousand dollars for a high cost project or a project which will receive
a loan from the federal farmers home administration OR (C) TWENTY-FIVE
THOUSAND DOLLARS FOR NEW CONSTRUCTION WITHIN THE CITY OF YONKERS OF
AFFORDABLE HOUSING AND ACQUISITION WITHIN THE CITY OF YONKERS OF EXIST-
ING HOUSING STOCK COOPERATIVES, CONDOMINIUMS AND FEE SIMPLE MULTI-FAMILY
HOUSING WHERE APPROPRIATE. Up to ten percent of the program or project
cost may be used for grantee operating expenses including expenses
related to the organization operating support and administration of the
contract. Among the criteria the corporation shall consider in determin-
ing whether a project is a high cost project are: average cost of
construction in the area, location of the project, and the impact of the
additional funding on the affordability of the project for the occupants
of such project. No more than fifty percent of the total amount appro-
priated pursuant to this article in any fiscal year shall be allocated
to homes located within any single municipality.
S 2. This act shall take effect immediately.