S T A T E   O F   N E W   Y O R K
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                                  2168

                       2015-2016 Regular Sessions

                          I N  A S S E M B L Y

                            January 15, 2015
                               ___________

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.
                                                           LBD05648-01-5
              

A. 2168                             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.