NY State Senate Bill 2019-S5748

Senate Bill S5748

2019-2020 Legislative Session

Creates a pilot program to encourage homeownership among persons and groups who are currently underrepresented and/or have seen a marked decline in rates of homeownership

download bill text pdf

Archive: Last Bill Status - In Senate Committee Housing, Construction And Community Development 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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Actions

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	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Jan 08, 2020	referred to housing, construction and community development
May 14, 2019	referred to housing, construction and community development

2019-S5748 (ACTIVE) - Details

Current Committee:: Senate Housing, Construction And Community Development
Law Section:: Housing
Versions Introduced in Other Legislative Sessions:: 2021-2022: S5492
2023-2024: S5561

2019-S5748 (ACTIVE) - Summary

Creates a pilot program to encourage homeownership among persons and groups who are currently underrepresented in homeownership and/or have seen a marked decline in rates of homeownership over the last decade; and provides for the repeal of such provisions upon the expiration thereof.

2019-S5748 (ACTIVE) - Sponsor Memo

                                
 
BILL NUMBER: S5748

SPONSOR: COMRIE
 
TITLE OF BILL:  An act to create a pilot program to encourage homeown-
ership among persons and groups who are currently underrepresented in
homeownership and/or have seen a marked decline in rates of homeowner-
ship over the last decade; and providing for the repeal of such
provisions upon expiration thereof

 
PURPOSE OR GENERAL IDEA:

Relates to affordable housing corporation grants by increasing the
amount that can be granted through acquisition and rehabilitation for
the purpose of downpayment assistance.

 
SUMMARY OF SPECIFIC PROVISIONS:

Section 1. Increases subsidy availability for projects in high cost
markets for the purposes of acquisition and rehabilitation from $40,000
per dwelling unit to up to $75,000 per dwelling unit.

Section 2. Clarifies the geographic scope of the pilot and who shall be
served through the pilot.

Section 3. Sets the amount of funding to be made available for the pilot
and for what purposes.

Section 4. Enumerates other organizations that may participate in this
program.

Sections 5 & 6. Details reporting requirements. Section 7. Effective
Date.

 
JUSTIFICATION:

The New York State Affordable Housing Corporation ("AMC") is a public
benefit corporation, established in 1965 pursuant to

Section 45-b of the Private Housing Finance Law ("PHFL") as a subsidiary
of the New York State Housing Finance Agency ("HFA"), to administer the
Affordable Home Ownership Development Program ("Program") under PHFL
Article 19. The purpose of the Pilot is to promote homeownership by
persons of low aid moderate income who have seen their opportunities for
homeownership diminish in recent years due to the escalating cost of
housing, which has not kept pace with incomes. Homeownership is a key
component for the stabilization and preservation of neighborhoods and
communities. To achieve these goals, AHC provides financial assistance,
in conjunction with other private and public investment, for the
construction, acquisition, rehabilitation and improvement of owner-occu-
pied housing. This bill would support affordable homeownership.

 
PRIOR LEGISLATIVE HISTORY:

New Bill; May of 2019.

 
FISCAL IMPLICATIONS:

To be determined.

 
EFFECTIVE DATE:
This act shall take effect immediately and expire April 1, 2020.

2019-S5748 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   5748
 
                        2019-2020 Regular Sessions
 
                             I N  S E N A T E
 
                               May 14, 2019
                                ___________
 
 Introduced  by  Sen.  COMRIE -- read twice and ordered printed, and when
   printed to be committed to the Committee on Housing, Construction  and
   Community Development
 
 AN  ACT  to  create  a  pilot  program  to encourage homeownership among
   persons and groups who are currently underrepresented in homeownership
   and/or have seen a marked decline in rates of homeownership  over  the
   last  decade;  and  providing  for  the repeal of such provisions upon
   expiration thereof
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Notwithstanding any other provision of law to the contrary,
 the  division  of  homes  and community renewal, in conjunction with the
 office of community renewal  and  the  affordable  housing  corporation,
 shall  conduct  a  pilot program to provide people in New York state who
 are  presently  and  who  have  been  historically  underrepresented  in
 homeownership  with  the resources they need, including outreach, educa-
 tion, and financial assistance, to achieve the dream of homeownership in
 a sustainable manner.
   § 2. Such pilot program shall be conducted in three areas  around  our
 state  that  have  seen declines in homeownership among underrepresented
 persons and groups.  The division of homes and community  renewal  shall
 choose  the  three  areas  in which the pilot program will be conducted,
 considering such factors  including,  but  not  limited  to,  population
 growth among underrepresented persons or groups that is not reflected in
 an  increase in homeownership among those same persons and groups, popu-
 lation changes that have resulted in  displacement  of  underrepresented
 persons and groups, and declines in homeownership among underrepresented
 persons or groups during the period since the financial crisis of 2008.
   § 3. Such pilot program shall make use of up to two million dollars of
 existing  funding  from the affordable housing corporation, section 45-b
 of the private housing finance law, to ensure equity in the  utilization
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

                                                            LBD11700-01-9

 S. 5748                             2
 
 of  currently  available  downpayment  assistance funding and to promote
 homeownership more broadly to low- and moderate-income residents of  New
 York  state, and shall increase the amount of the downpayment assistance
 to  up  to $75,000 per eligible homebuyer as is needed and deemed neces-
 sary without imposing an increase to the existing regulatory period.
   § 4. The division of homes and community renewal  shall  also  utilize
 the state's existing network of nonprofit housing organizations, includ-
 ing,  but not limited to, the Neighborhood and Rural Preservation Compa-
 nies, local community development  corporations,  and  other  community-
 based  housing  organizations,  that  provide  financial  management and
 housing counseling services to support low- and moderate-income homebuy-
 ers.
   § 5. The division of homes and community renewal shall issue  a  joint
 report  on  the status of the pilot program to the chair of the New York
 state senate standing committee on housing, construction  and  community
 development,  and  the  chair  of  the  New York state assembly standing
 committee on housing by December 31, 2019.
   § 6. Such report shall include, but not be limited to, the  status  of
 the  program,  the areas identified for the pilot, the nonprofit housing
 organizations identified as service providers, and the number of  people
 participating in the program.
   §  7. This act shall take effect immediately and shall expire April 1,
 2020 when upon such date the provisions of  this  act  shall  be  deemed
 repealed.

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