senate Bill S6199

2019-2020 Legislative Session

Relates to loans by the housing trust fund corporation

download bill text pdf

Sponsored By

Current Bill Status - Passed Senate


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor

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Actions

view actions (16)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 29, 2020 referred to housing
delivered to assembly
passed senate
Jan 23, 2020 advanced to third reading
Jan 22, 2020 2nd report cal.
Jan 21, 2020 1st report cal.216
Jan 08, 2020 referred to housing, construction and community development
returned to senate
died in assembly
Jun 05, 2019 referred to housing
delivered to assembly
passed senate
Jun 04, 2019 advanced to third reading
Jun 03, 2019 2nd report cal.
May 30, 2019 1st report cal.1098
May 22, 2019 referred to housing, construction and community development

Votes

view votes

Jan 21, 2020 - Housing, Construction and Community Development committee Vote

S6199
11
0
committee
11
Aye
0
Nay
0
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show Housing, Construction and Community Development committee vote details

Housing, Construction and Community Development Committee Vote: Jan 21, 2020

May 30, 2019 - Housing, Construction and Community Development committee Vote

S6199
9
0
committee
9
Aye
0
Nay
1
Aye with Reservations
0
Absent
1
Excused
0
Abstained
show Housing, Construction and Community Development committee vote details

Housing, Construction and Community Development Committee Vote: May 30, 2019

aye wr (1)
excused (1)

Co-Sponsors

S6199 (ACTIVE) - Details

See Assembly Version of this Bill:
A8427
Law Section:
Private Housing Finance Law
Laws Affected:
Amd §1102, Priv Hous Fin L

S6199 (ACTIVE) - Summary

Relates to loans by the housing trust fund corporation; provides that such loans may exceed the thirty year limit in instances where a lengthier period is necessary to provide for a loan term that is co-terminus with the terms of other financing or regulatory agencies participating in the project.

S6199 (ACTIVE) - Sponsor Memo

S6199 (ACTIVE) - Bill Text download pdf


                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  6199

                       2019-2020 Regular Sessions

                            I N  S E N A T E

                              May 22, 2019
                               ___________

Introduced  by  Sen.  JACKSON -- (at request of the New York State Homes
  and Community Renewal) -- 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 loans by
  the housing trust fund corporation

  THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section  1.  Subdivision  1  of  section  1102  of the private housing
finance law, as amended by chapter 199 of the laws of 2008,  is  amended
to read as follows:
  1.  Within  the  limit  of  funds  available in the housing trust fund
account, the corporation is hereby authorized to  enter  into  contracts
with  eligible applicants for the furnishing by such applicants of hous-
ing for persons of low income. Each such  contract  shall  provide  that
eligible  applicants  rehabilitate  or construct one or more projects or
convert one  or  more  nonresidential  properties.  Such  contracts  may
provide  for payments, grants or loans by the corporation for the activ-
ities to be carried out by the eligible applicant  under  the  contract.
Such  contracts  shall  provide  that a private developer make an equity
investment of the greater of (i) two and  one-half  percent  of  project
costs  or (ii) five percent of project costs less grants which are to be
applied to such costs. The foregoing shall not preclude a private devel-
oper from making a greater equity investment. Any  payments,  grants  or
loans made by the corporation outstanding at the time of resale shall be
subject  to  repayment in whole or in part upon resale after termination
of the regulatory period and as otherwise provided therein. Such  repay-
ment  provisions  may  survive  the  end  of the regulatory period. Such
contracts may provide that eligible applicants shall either (a)  perform
activities  specified under the contract themselves or (b) act as admin-
istrators of  a  program  under  which  projects  are  rehabilitated  or

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

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