Assembly Bill A2804

2019-2020 Legislative Session

Establishes a housing trust fund for individuals with limited resources

download bill text pdf

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Archive: Last Bill Status - In Assembly 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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2019-A2804 (ACTIVE) - Details

Current Committee:
Assembly Housing
Law Section:
Private Housing Finance Law
Laws Affected:
Add §45-d, Priv Hous Fin L
Versions Introduced in Other Legislative Sessions:
2009-2010: A6399
2011-2012: A4200
2013-2014: A6044
2015-2016: A8352
2017-2018: A3521

2019-A2804 (ACTIVE) - Summary

Establishes a housing trust fund for individuals with limited resources; establishes the membership of the board of trustees that are responsible to oversee the trust.

2019-A2804 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   2804
 
                        2019-2020 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 25, 2019
                                ___________
 
 Introduced  by M. of A. ORTIZ -- read once and referred to the Committee
   on Housing
 
 AN ACT to amend the private housing finance law, in relation to creating
   a housing trust fund for individuals with limited resources
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:

   Section  1. The private housing finance law is amended by adding a new
 section 45-d to read as follows:
   § 45-D. HOUSING TRUST FUND FOR INDIVIDUALS WITH LIMITED RESOURCES.  1.
 THERE IS HEREBY CREATED WITHIN THE AGENCY A HOUSING TRUST FUND FOR INDI-
 VIDUALS WITH LIMITED RESOURCES.
   2.  THE  TRUST FUND SHALL BE MANAGED BY A BOARD OF TRUSTEES. THE TRUS-
 TEES SHALL INCLUDE: A REPRESENTATIVE OF THE GOVERNOR, WHO SHALL  BE  THE
 CHAIRPERSON  OF THE BOARD; A MEMBER CHOSEN BY THE NEW YORK BANKERS ASSO-
 CIATION; A MEMBER CHOSEN BY THE  MORTGAGE  BANKERS  ASSOCIATION  OF  NEW
 YORK;  AND THREE MEMBERS OF THE TARGET COMMUNITY, WHO SHALL BE CHOSEN BY
 THE OTHER TRUSTEES THROUGH MAJORITY VOTE. TRUSTEES SHALL NOT BE PAID FOR
 THEIR SERVICE TO THE TRUST, BUT SHALL  BE  REIMBURSED  FOR  ANY  ACTUAL,
 NECESSARY EXPENSES.
   3. THE BOARD SHALL HAVE THE POWER TO:
   (A) ENTER INTO AGREEMENTS ON BEHALF OF THE TRUST;
   (B)  ISSUE DEBT AND OTHER SECURITIES IN ACCORDANCE WITH THE PROVISIONS
 OF THIS SECTION;
   (C) INVEST THE MONEYS OF THE FUNDS;
   (D) OPEN BANK ACCOUNTS AND INVESTMENT ACCOUNTS;
   (E) BORROW MONEY;
   (F) RECEIVE GIFTS AND DONATIONS;
   (G) HOLD AND MANAGE ASSETS, INCLUDING REAL ESTATE AND OTHER  ITEMS  OF
 VALUE;
   (H)  HIRE  ADMINISTRATIVE  PERSONNEL  AND  INDEPENDENT CONTRACTORS, AS
 NEEDED, AND TO SET THEIR COMPENSATION; AND

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

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