Senate Bill S2801

2017-2018 Legislative Session

Establishes a community capital loan program

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee Social Services Committee

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

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2017-S2801 (ACTIVE) - Details

Current Committee:
Senate Social Services
Law Section:
Social Services Law
Laws Affected:
Add §131-bb, Soc Serv L
Versions Introduced in Other Legislative Sessions:
2009-2010: S415
2011-2012: S1444
2013-2014: S1188
2015-2016: S1328
2019-2020: S771
2021-2022: S1459

2017-S2801 (ACTIVE) - Summary

Provides that the department of labor in consultation with the department of family assistance is authorized and directed to solicit proposals to establish community loan programs providing small, no-interest loans to persons with income below 200% of the federal poverty level in order to become self-employed; requires the commissioner to contract with not-for-profit corps to administer loan pools.

2017-S2801 (ACTIVE) - Sponsor Memo

2017-S2801 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   2801
 
                        2017-2018 Regular Sessions
 
                             I N  S E N A T E
 
                             January 17, 2017
                                ___________
 
 Introduced  by  Sen. BRESLIN -- read twice and ordered printed, and when
   printed to be committed to the Committee on Social Services
 
 AN ACT to amend the social services law, in relation to establishing the
   community capital loan program and  providing  for  the  filing  of  a
   report thereon

   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. The social services law is amended by adding a new  section
 131-bb to read as follows:
   § 131-BB. COMMUNITY CAPITAL LOAN PROGRAM. 1. FROM AMOUNTS APPROPRIATED
 FOR  SUCH  PURPOSE,  THE  DEPARTMENT  OF  LABOR IN CONSULTATION WITH THE
 DEPARTMENT OF FAMILY ASSISTANCE IS HEREBY  AUTHORIZED  AND  DIRECTED  TO
 SOLICIT PROPOSALS TO ESTABLISH PROGRAMS TO BE KNOWN AS COMMUNITY CAPITAL
 LOAN  PROGRAMS.  SUCH PROGRAMS SHALL PROVIDE SMALL, NO-INTEREST LOANS TO
 PERSONS WITH INCOME BELOW TWO HUNDRED PERCENT  OF  THE  FEDERAL  POVERTY
 LEVEL FOR THE PURPOSE OF ASSISTING THE LOAN RECIPIENT TO BECOME SELF-EM-
 PLOYED.  LOANS  AWARDED  THROUGH A COMMUNITY CAPITAL LOAN PROGRAM MAY BE
 PAID DIRECTLY TO A THIRD PARTY ON BEHALF OF  A  LOAN  RECIPIENT  AND  IN
 EITHER CASE SHALL NOT CONSTITUTE INCOME OR RESOURCES FOR THE PURPOSES OF
 PUBLIC  ASSISTANCE  AND  CARE  SO  LONG  AS  THE  FUNDS ARE USED FOR THE
 INTENDED PURPOSE.
   2. THE COMMISSIONER OF LABOR SHALL ENTER INTO WRITTEN AGREEMENTS  WITH
 NOT-FOR-PROFIT  ORGANIZATIONS OR LOCAL GOVERNMENT AGENCIES TO ADMINISTER
 LOAN POOLS. AGREEMENTS SHALL BE ENTERED INTO  WITH  NO  MORE  THAN  FOUR
 ORGANIZATIONS  AND/OR  AGENCIES,  NO  MORE  THAN  ONE  OF WHICH SHALL BE
 LOCATED IN THE CITY OF NEW YORK.
   3. PROGRAM SITES SHALL BE APPROVED BASED ON THE  DEMONSTRATED  ABILITY
 OF  THE  ORGANIZATION  OR  GOVERNMENTAL  AGENCY  TO  SECURE FUNDING FROM
 PRIVATE AND/OR PUBLIC SOURCES SUFFICIENT TO ESTABLISH A LOAN POOL TO  BE
 MAINTAINED THROUGH REPAYMENT AGREEMENTS ENTERED INTO BY ELIGIBLE LOW-IN-
 COME  INDIVIDUALS.  FUNDS AWARDED BY THE DEPARTMENT OF LABOR TO APPROVED
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

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