NY State Senate Bill 2019-S1824B

Archive: Last Bill Status - In Senate Committee Rules 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

Please enter your contact information

First Name

Last Name

Email Address

A valid email address is required.

Home address is used to determine the senate district in which you reside. Your support or opposition to this bill is then shared immediately with the senator who represents you.

Optional services from the NY State Senate:

Create an account. An account allows you to officially support or oppose key legislation, sign petitions with a single click, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.

Include a custom message for your Senator? (Optional)

Enter a message to your senator. Many New Yorkers use this to share the reasoning behind their support or opposition to the bill. Others might share a personal anecdote about how the bill would affect them or people they care about.

Actions

View Actions

Date of Action	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Dec 28, 2020	committed to rules
Feb 27, 2020	advanced to third reading
Feb 26, 2020	2nd report cal.
Feb 25, 2020	1st report cal.458
Jan 08, 2020	referred to housing, construction and community development
Jun 14, 2019	print number 1824b
Jun 14, 2019	amend and recommit to housing, construction and community development
Jun 12, 2019	print number 1824a
Jun 12, 2019	amend and recommit to housing, construction and community development
Jan 16, 2019	referred to housing, construction and community development

Votes

- Feb 25, 2020 - Housing, Construction And Community Development Committee Vote
  S1824B
  
  Aye
  
  9
  
  Nay
  
  0
  
  Aye with Reservations
  
  1
  
  Absent
  
  0
  
  Excused
  
  1
  
  Abstained
  
  0
  - - Housing, Construction And Community Development Committee Vote: Feb 25, 2020
      
      aye (9)
      
      Amedore
      
      Jackson
      
      Kavanagh
      
      Krueger
      
      Little
      
      Mayer
      
      Myrie
      
      Rivera
      
      Salazar
      
      aye wr (1)
      
      Helming
      
      excused (1)
      
      Boyle

Bill Amendments

Original

B (Active)

co-Sponsors

View additional co-sponsors

2019-S1824 - Details

See Assembly Version of this Bill:: A6277
Current Committee:: Senate Rules
Law Section:: Private Housing Finance Law
Laws Affected:: Amd §1112, Priv Hous Fin L
Versions Introduced in Other Legislative Sessions:: 2017-2018: S7063, A6494
2021-2022: S3372, A4341

2019-S1824 - Summary

Relates to affordable housing corporation grants by increasing the amount that can be granted to a high cost project.

2019-S1824 - Sponsor Memo

                                
 
BILL NUMBER: S1824

SPONSOR: BAILEY
 
TITLE OF BILL:

An act to amend the private housing finance law, in relation to afforda-
ble housing corporation grants

 
PURPOSE OR GENERAL IDEA:

Relates to affordable housing corporation grants by increasing the
amount that can be granted to a high cost project.

 
SUMMARY OF SPECIFIC PROVISIONS:

This amendment to the Private Housing Finance Law Article XIX Section
1112 and related sections that would reflect the following changes:

Section 1. Increases subsidy availability for projects in high cost
markets from $40,000 per dwelling unit to up to $75,000/du

Section 2. Requires resale restrictions for no less than GO years and no
more than 99 years for projects seeking more than $40,000/du through
deed restrictions, community land trusts, or limited-equity cooperative
ownership structures.

Section 3. Establishes that the corporation shall establish tiered.
project funding levels based on length and depth of affordability.

Section 4. Establishes that projects in pre-development that have
already received commitments from ABC under previous guidelines shall be
granted the opportunity to request additional capital subsidies under
these revised conditions

 
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 Program is to promote homeownership by persons of low and
moderate income, which, in turn, fosters the development, 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, reha-
bilitation and improvement of owner-occupied housing. This program has
not been adjusted to reflect the increased cost of construction over the
past 30 years. This bill would support affordable homeownership.

 
PRIOR LEGISLATIVE HISTORY:

2017-18: S.7063B - Committed to Rules

 
FISCAL IMPLICATIONS:

The cost to the state and localities in lost revenues due to the special
benefits would be offset through new construction resulting in increased
income tax, partial property tax and mortgage recording tax collections.
 
EFFECTIVE DATE:
This act shall take effect immediately.

2019-S1824 - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   1824
 
                        2019-2020 Regular Sessions
 
                             I N  S E N A T E
 
                             January 16, 2019
                                ___________
 
 Introduced  by  Sens. BAILEY, BENJAMIN, BOYLE, COMRIE, HOYLMAN, KENNEDY,
   KRUEGER, MONTGOMERY, PERSAUD,  SAVINO,  SEPULVEDA,  STAVISKY  --  read
   twice  and  ordered  printed,  and when printed to be committed to the
   Committee on Housing, Construction and Community Development
 
 AN ACT to amend the private housing finance law, in relation to afforda-
   ble housing corporation grants
 
   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
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

                                                            LBD05620-01-9

 S. 1824                             2
 
 of  rehabilitation programs without an acquisition component or (ii) the
 following per dwelling unit limitations (A) thirty-five thousand dollars
 for projects except as provided  in  [item]  SUBPARAGRAPH  (B)  of  this
 [clause]  PARAGRAPH  or  (B) [forty] UP TO SEVENTY-FIVE thousand dollars
 for a high cost project or a project which will receive a loan from  the
 federal farmers home administration. 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  adminis-
 tration  of  the  contract.  Among  the  criteria  the corporation shall
 consider in determining 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  appropriated  pursuant to this article in any fiscal year
 shall be allocated to homes located within any single municipality.
   § 2. Subdivision 2 of section 1112 of the private housing finance  law
 is amended by adding a new paragraph (j) to read as follows:
   (J)  IN THE CASE OF PROJECTS THAT RECEIVE AN AWARD OF OVER FORTY THOU-
 SAND DOLLARS, THE GRANTEE MAY ESTABLISH  RESALE  RESTRICTIONS  REQUIRING
 THE  SALE  OF  THE  UNIT OR UNITS RECEIVING SUCH FUNDING THROUGH A GRANT
 FROM THE CORPORATION BE PURCHASED ONLY BY QUALIFIED LOW-INCOME  HOMEBUY-
 ERS  EXTENDING  FOR  A  PERIOD OF AT LEAST SIXTY YEARS, BUT NO MORE THAN
 NINETY-NINE YEARS, AND THE GRANTEE MAY ENSURE THIS RESALE RESTRICTION BY
 USE OF DEED RESTRICTIONS, COMMUNITY LAND TRUSTS, OR LIMITED-EQUITY COOP-
 ERATIVE OWNERSHIP STRUCTURE.
   § 3. Section 1112 of the private housing finance  law  is  amended  by
 adding a new subdivision 3-a to read as follows:
   3-A.  IN  DETERMINING AWARDS PURSUANT TO THIS ARTICLE, THE CORPORATION
 SHALL ESTABLISH TIERED PROJECT FUNDING LEVELS BASED ON LENGTH AND  DEPTH
 OF AFFORDABILITY.
   §  4.  Projects  in pre-development that have already received commit-
 ments from the corporation prior to the effective date of this act shall
 be granted the opportunity to request additional capital under  the  law
 after the effective date of this act.
   §  5. This act shall take effect on the two hundred fortieth day after
 it shall have become a law. Effective immediately, the  commissioner  of
 homes  and  community  renewal  is  authorized and directed to take such
 actions which are necessary for the implementation of this act,  includ-
 ing  the addition, amendment and/or repeal of any rule or regulation, on
 or before such effective date.

co-Sponsors

View additional co-sponsors

2019-S1824A - Details

See Assembly Version of this Bill:: A6277
Current Committee:: Senate Rules
Law Section:: Private Housing Finance Law
Laws Affected:: Amd §1112, Priv Hous Fin L
Versions Introduced in Other Legislative Sessions:: 2017-2018: S7063, A6494
2021-2022: S3372, A4341

2019-S1824A - Summary

Relates to affordable housing corporation grants by increasing the amount that can be granted to a high cost project.

2019-S1824A - Sponsor Memo

                                
 
BILL NUMBER: S1824A

SPONSOR: BAILEY
 
TITLE OF BILL:  An act to amend the private housing finance law, in
relation to affordable housing corporation grants

 
PURPOSE OR GENERAL IDEA:

Relates to affordable housing corporation grants by increasing the
amount that can be granted to a high cost project.

 
SUMMARY OF SPECIFIC PROVISIONS:

This amendment to the Private Housing Finance Law Article XIX Section
1112 and related sections that would reflect the following changes:

Section 1. Increases subsidy availability for projects in high cost
markets from $40,000 per dwelling unit to up to $75,000/du

Section 2. Requires resale restrictions for no less than GO years and no
more than 99 years for projects seeking more than $40,000/du through

deed restrictions, community land trusts, or limited-equity cooperative
ownership structures.

Section 3. Establishes that the corporation shall establish tiered.
project funding levels based on length and depth of affordability.

Section 4. Establishes that projects in pre-development that have
already received commitments from ABC under previous guidelines shall be
granted the opportunity to request additional capital subsidies under
these revised conditions

 
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 Program is to promote homeowner ship by persons of low
and moderate income, which, in turn, fosters the development, stabiliza-
tion and preservation of neighborhoods and communities. To achieve these
goals, AHC provides financial assistance, in conjunction with other

2019-S1824A - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  1824--A
 
                        2019-2020 Regular Sessions
 
                             I N  S E N A T E
 
                             January 16, 2019
                                ___________
 
 Introduced  by  Sens. BAILEY, BENJAMIN, BOYLE, COMRIE, HOYLMAN, JACKSON,
   KENNEDY,  KRUEGER,  MONTGOMERY,  MYRIE,  PERSAUD,   SALAZAR,   SAVINO,
   SEPULVEDA, SERRANO, SKOUFIS, STAVISKY -- read twice and ordered print-
   ed,  and  when  printed  to  be committed to the Committee on Housing,
   Construction and Community Development -- committee  discharged,  bill
   amended,  ordered reprinted as amended and recommitted to said commit-
   tee
 
 AN ACT to amend the private housing finance law, in relation to afforda-
   ble housing corporation grants
 
   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

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

                                                            LBD05620-03-9

 S. 1824--A                          2
 
 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] FIFTY thousand
 dollars for projects except as provided in [item]  SUBPARAGRAPH  (B)  of
 this  [clause]  PARAGRAPH  or  (B)  [forty]  UP TO SEVENTY-FIVE thousand
 dollars for a high cost project or a project which will receive  a  loan
 from  the  federal farmers home administration. 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 determining 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  appropriated  pursuant to this article in any fiscal year
 shall be allocated to homes located within any single municipality.
   § 2. Subdivision 2 of section 1112 of the private housing finance  law
 is amended by adding a new paragraph (j) to read as follows:
   (J)  IN THE CASE OF PROJECTS THAT RECEIVE AN AWARD OF OVER FORTY THOU-
 SAND DOLLARS, THE GRANTEE MAY ESTABLISH  RESALE  RESTRICTIONS  REQUIRING
 THE  SALE  OF  THE  UNIT OR UNITS RECEIVING SUCH FUNDING THROUGH A GRANT
 FROM THE CORPORATION BE PURCHASED ONLY BY QUALIFIED LOW-INCOME  HOMEBUY-
 ERS  EXTENDING  FOR  A  PERIOD OF AT LEAST SIXTY YEARS, BUT NO MORE THAN
 NINETY-NINE YEARS, AND THE GRANTEE MAY ENSURE THIS RESALE RESTRICTION BY
 USE OF DEED RESTRICTIONS, COMMUNITY LAND TRUSTS, OR LIMITED-EQUITY COOP-
 ERATIVE OWNERSHIP STRUCTURE.
   § 3. Section 1112 of the private housing finance  law  is  amended  by
 adding a new subdivision 3-a to read as follows:
   3-A.  IN  DETERMINING AWARDS PURSUANT TO THIS ARTICLE, THE CORPORATION
 MAY ESTABLISH TIERED PROJECT FUNDING LEVELS BASED ON LENGTH AND DEPTH OF
 AFFORDABILITY.
   § 4. Projects in pre-development that have  already  received  commit-
 ments from the corporation prior to the effective date of this act shall
 be  granted  the opportunity to request additional capital under the law
 after the effective date of this act.
   § 5. This act shall take effect on the two hundred fortieth day  after
 it  shall  have become a law. Effective immediately, the commissioner of
 homes and community renewal is authorized  and  directed  to  take  such
 actions  which are necessary for the implementation of this act, includ-
 ing the addition, amendment and/or repeal of any rule or regulation,  on
 or before such effective date.

co-Sponsors

View additional co-sponsors

2019-S1824B (ACTIVE) - Details

See Assembly Version of this Bill:: A6277
Current Committee:: Senate Rules
Law Section:: Private Housing Finance Law
Laws Affected:: Amd §1112, Priv Hous Fin L
Versions Introduced in Other Legislative Sessions:: 2017-2018: S7063, A6494
2021-2022: S3372, A4341

2019-S1824B (ACTIVE) - Summary

Relates to affordable housing corporation grants by increasing the amount that can be granted to a high cost project.

2019-S1824B (ACTIVE) - Sponsor Memo

                                
 
BILL NUMBER: S1824B

SPONSOR: BAILEY
 
TITLE OF BILL:  An act to amend the private housing finance law, in
relation to affordable housing corporation grants

 
PURPOSE: OR GENERAL IDEA:
  Relates  to  affordable  housing  corporation grants by increasing the
amount that can be granted to a high cost project.

 
SUMMARY OF SPECIFIC PROVISIONS:

This amendment to the Private Housing Finance Law  Article  XIX  Section
1112 and related sections that would reflect the following changes:

Section  1.  Increases  subsidy  availability  for projects in high cost
markets from $40,000 per dwelling unit to up to $75,000/du

Section 2. Requires resale restrictions for no less than GO years and no
more than 99 years for projects seeking  more  than  $40,000/du  through
deed  restrictions, community land trusts, or limited-equity cooperative

ownership structures.

Section 3. Establishes that  the  corporation  shall  establish  tiered.
project funding levels based on length and depth of affordability.

Section  4.  Establishes  that  projects  in  pre-development  that have
already received commitments from ABC under previous guidelines shall be
granted the opportunity to request additional  capital  subsidies  under
these revised conditions

 
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 Program is to promote homeownership by persons of low and
moderate  income, which, in turn, fosters the development, 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,  reha-
bilitation  and  improvement of owner-occupied housing. This program has
not been adjusted to reflect the increased cost of construction over the
past 30 years. This bill would support affordable homeownership.

 
PRIOR LEGISLATIVE HISTORY:

2017-18: S.7063B - Committed to Rules

 
FISCAL IMPLICATIONS:

The cost to the state and localities in lost revenues due to the special
benefits would be offset through new construction resulting in increased
income tax, partial property tax and mortgage recording tax collections.

 
EFFECTIVE DATE:
This act shall take effect immediately.

2019-S1824B (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  1824--B
 
                        2019-2020 Regular Sessions
 
                             I N  S E N A T E
 
                             January 16, 2019
                                ___________
 
 Introduced  by  Sens. BAILEY, BENJAMIN, BOYLE, COMRIE, HOYLMAN, JACKSON,
   KENNEDY,  KRUEGER,  MONTGOMERY,  MYRIE,  PERSAUD,   SALAZAR,   SAVINO,
   SEPULVEDA, SERRANO, SKOUFIS, STAVISKY -- read twice and ordered print-
   ed,  and  when  printed  to  be committed to the Committee on Housing,
   Construction and Community Development -- committee  discharged,  bill
   amended,  ordered reprinted as amended and recommitted to said commit-
   tee --  committee  discharged,  bill  amended,  ordered  reprinted  as
   amended and recommitted to said committee
 
 AN ACT to amend the private housing finance law, in relation to afforda-
   ble housing corporation grants
 
   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,

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

                                                            LBD05620-05-9

 S. 1824--B                          2
 
 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] FIFTY thousand
 dollars  for  projects  except as provided in [item] SUBPARAGRAPH (B) of
 this [clause] PARAGRAPH or  (B)  [forty]  UP  TO  SEVENTY-FIVE  thousand
 dollars  for  a high cost project or a project which will receive a loan
 from the federal farmers home administration. 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  determining  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 appropriated pursuant to this article in  any  fiscal  year
 shall be allocated to homes located within any single municipality.
   §  2. Subdivision 2 of section 1112 of the private housing finance law
 is amended by adding a new paragraph (j) to read as follows:
   (J) IN THE CASE OF PROJECTS THAT RECEIVE AN AWARD OF OVER FORTY  THOU-
 SAND  DOLLARS,  THE  GRANTEE MAY ESTABLISH RESALE RESTRICTIONS REQUIRING
 THE SALE OF THE UNIT OR UNITS RECEIVING SUCH  FUNDING  THROUGH  A  GRANT
 FROM  THE CORPORATION BE PURCHASED ONLY BY QUALIFIED LOW-INCOME HOMEBUY-
 ERS EXTENDING FOR A PERIOD OF AT LEAST SIXTY YEARS,  BUT  NO  MORE  THAN
 NINETY-NINE YEARS, AND THE GRANTEE MAY ENSURE THIS RESALE RESTRICTION BY
 USE OF DEED RESTRICTIONS, COMMUNITY LAND TRUSTS, OR LIMITED-EQUITY COOP-
 ERATIVE OWNERSHIP STRUCTURE.
   §  3.  Section  1112  of the private housing finance law is amended by
 adding a new subdivision 3-a to read as follows:
   3-A. IN DETERMINING AWARDS PURSUANT TO THIS ARTICLE,  THE  CORPORATION
 SHALL  ESTABLISH TIERED PROJECT FUNDING LEVELS BASED ON LENGTH AND DEPTH
 OF AFFORDABILITY.
   § 4. Projects in pre-development that have  already  received  commit-
 ments from the corporation prior to the effective date of this act shall
 be  granted  the opportunity to request additional capital under the law
 after the effective date of this act.
   § 5. This act shall take effect on the two hundred fortieth day  after
 it  shall  have become a law. Effective immediately, the commissioner of
 homes and community renewal is authorized  and  directed  to  take  such
 actions  which are necessary for the implementation of this act, includ-
 ing the addition, amendment and/or repeal of any rule or regulation,  on
 or before such effective date.

Comments

Open Legislation is a forum for New York State legislation. All comments are subject to review and community moderation is encouraged.

Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity, hate or toxic speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Attempts to intimidate and silence contributors or deliberately deceive the public, including excessive or extraneous posting/posts, or coordinated activity, are prohibited and may result in the temporary or permanent banning of the user. Comment moderation is generally performed Monday through Friday. By contributing or voting you agree to the Terms of Participation and verify you are over 13.

Create an account. An account allows you to sign petitions with a single click, officially support or oppose key legislation, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.

Find your Senator and share your views on important issues.

Do you support this bill?

Senate Bill S1824B

Sponsored By

Archive: Last Bill Status - In Senate Committee Rules Committee

Actions

Votes

Feb 25, 2020 - Housing, Construction And Community Development Committee Vote

Housing, Construction And Community Development Committee Vote: Feb 25, 2020

Bill Amendments

co-Sponsors

2019-S1824 - Details

2019-S1824 - Summary

2019-S1824 - Sponsor Memo

2019-S1824 - Bill Text download pdf

co-Sponsors

2019-S1824A - Details

2019-S1824A - Summary

2019-S1824A - Sponsor Memo

2019-S1824A - Bill Text download pdf

co-Sponsors

2019-S1824B (ACTIVE) - Details

2019-S1824B (ACTIVE) - Summary

2019-S1824B (ACTIVE) - Sponsor Memo

2019-S1824B (ACTIVE) - Bill Text download pdf

Comments

Do you support this bill?

Get Status Alerts for 2019-S1824B

Senate Bill S1824B

Share this bill

Sponsored By

Archive: Last Bill Status - In Senate Committee Rules Committee

Actions

Votes

Bill Amendments

co-Sponsors

2019-S1824 - Details

2019-S1824 - Summary

2019-S1824 - Sponsor Memo

2019-S1824 - Bill Text download pdf

co-Sponsors

2019-S1824A - Details

2019-S1824A - Summary

2019-S1824A - Sponsor Memo

2019-S1824A - Bill Text download pdf

co-Sponsors

2019-S1824B (ACTIVE) - Details

2019-S1824B (ACTIVE) - Summary

2019-S1824B (ACTIVE) - Sponsor Memo

2019-S1824B (ACTIVE) - Bill Text download pdf

Comments