Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Feb 09, 2018 |
referred to corporations, authorities and commissions |
Senate Bill S7703
2017-2018 Legislative Session
Sponsored By
(D) Senate District
Archive: Last Bill Status - In Senate Committee Corporations, Authorities And Commissions 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
Actions
2017-S7703 (ACTIVE) - Details
- Current Committee:
- Senate Corporations, Authorities And Commissions
- Law Section:
- New York State Urban Development Corporation Act
- Laws Affected:
- Add §16-dd, UDC Act
2017-S7703 (ACTIVE) - Sponsor Memo
BILL NUMBER: S7703 SPONSOR: HAMILTON TITLE OF BILL: An act to amend the New York state urban development corporation act, in relation to creating the community development revolving loan program PURPOSE: To create a community development revolving loan fund program under control of Empire State Development to fund loans made by Community Development Financial Institutions in low income communities for small businesses, including MWBEs, affordable housing and community facili- ties. SUMMARY OF SPECIFIC PROVISIONS: SECTION 1: This adds a new section 16-dd which creates a Community Development
2017-S7703 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 7703 I N S E N A T E February 9, 2018 ___________ Introduced by Sen. HAMILTON -- read twice and ordered printed, and when printed to be committed to the Committee on Corporations, Authorities and Commissions AN ACT to amend the New York state urban development corporation act, in relation to creating the community development revolving loan program THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Section 1 of chapter 174 of the laws of 1968, constituting the New York state urban development corporation act, is amended by adding a new section 16-dd to read as follows: § 16-DD. COMMUNITY DEVELOPMENT REVOLVING LOAN PROGRAM. 1. DEFI- NITIONS. AS USED IN THIS SECTION, THE FOLLOWING TERMS SHALL HAVE THE FOLLOWING MEANINGS: (A) "COMMUNITY DEVELOPMENT FINANCIAL INSTITUTION" MEANS AN ORGANIZA- TION WHOSE PRINCIPAL OFFICE IS LOCATED IN THIS STATE, WHICH HAS BEEN CERTIFIED AS A COMMUNITY DEVELOPMENT FINANCIAL INSTITUTION BY THE FEDER- AL COMMUNITY DEVELOPMENT FINANCIAL INSTITUTIONS FUND, AS ESTABLISHED PURSUANT TO 12 U.S.C. § 4701, ET SEQ. (B) "INVESTMENT AREA" MEANS A GEOGRAPHIC AREA WHICH: (I) IS ECONOMICALLY DISTRESSED AS DEFINED IN SECTION SIXTEEN-D OF THIS ACT; AND (II) HAS SIGNIFICANT UNMET NEEDS FOR LOANS OR IS LOCATED IN A FEDER- ALLY DESIGNATED EMPOWERMENT ZONE OR ENTERPRISE COMMUNITY AS ESTABLISHED PURSUANT TO TITLE XIII OF THE FEDERAL OMNIBUS BUDGET RECONCILIATION ACT OF 1993 (PUBLIC LAW 103-66). (C) "LOW INCOME" MEANS HAVING AN INCOME, ADJUSTED FOR FAMILY SIZE, OF NOT MORE THAN: (I) FOR METROPOLITAN AREAS, EIGHTY PERCENT OF THE AREA MEDIAN INCOME; OR (II) FOR NON-METROPOLITAN AREAS, THE GREATER OF EIGHTY PERCENT OF THE AREA MEDIAN INCOME OF THE STATEWIDE NON-METROPOLITAN AREA MEDIAN INCOME. (D) "TARGETED POPULATION" MEANS INDIVIDUALS OR AN IDENTIFIABLE GROUP OF INDIVIDUALS INCLUDING, BUT NOT LIMITED TO, MINORITY AND WOMEN-OWNED EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
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