Assembly Actions -
Senate Actions - UPPERCASE
|May 13, 2022||
referred to governmental operations
Assembly Bill A10325
2021-2022 Legislative Session
Archive: Last Bill Status - In Assembly Committee
- In Committee Assembly
- On Floor Calendar Assembly
- Passed Assembly
- Delivered to Governor
- Signed By Governor
2021-A10325 (ACTIVE) - Details
2021-A10325 (ACTIVE) - Summary
Establishes the resilient New York revolving loan program and the resilient New York revolving loan fund to provide low or no-interest loans to municipalities, not-for-profit organizations, and individual property owners for hazard mitigation and resilience projects; provides funding from federal STORM Act.
2021-A10325 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 10325 I N A S S E M B L Y May 13, 2022 ___________ Introduced by COMMITTEE ON RULES -- (at request of M. of A. Fahy) -- read once and referred to the Committee on Governmental Operations AN ACT to amend the executive law, in relation to the resilient New York revolving loan program; and to amend the state finance law, in relation to establishing the resilient New York revolving loan fund THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. The executive law is amended by adding a new section 29-l to read as follows: § 29-L. RESILIENT NEW YORK REVOLVING LOAN PROGRAM. 1. THE DIVISION, IN CONJUNCTION WITH THE COMPTROLLER, SHALL ESTABLISH AND ADMINISTER THE RESILIENT NEW YORK REVOLVING LOAN PROGRAM AS PROVIDED IN THIS SECTION. 2. (A) THE RESILIENT NEW YORK REVOLVING LOAN PROGRAM SHALL PROVIDE LOW OR NO-INTEREST LOANS TO MUNICIPALITIES AND NOT-FOR-PROFIT ORGANIZATIONS FOR HAZARD MITIGATION AND RESILIENCE PROJECTS, INCLUDING BUT NOT LIMITED TO, BUILDING RESILIENT INFRASTRUCTURES AND COMMUNITIES, FLOOD MITIGATION ASSISTANCE, FLOOD RISK REDUCTION PROJECTS SUCH AS LEVEES, CLOSURES, PUMP STATIONS AND NON-STRUCTURAL PROJECTS LIKE ELEVATION AND WET/DRY FLOOD PROOFING OR ANY ADAPTION OR MITIGATION PROJECTS INCLUDED PURSUANT TO SECTION 54-1523 OF THE ENVIRONMENTAL CONSERVATION LAW. (B) LOANS MAY ALSO BE GRANTED TO INDIVIDUAL PROPERTY OWNERS TO PROVIDE THE FINANCING FOR NATURAL HAZARD MITIGATION PROJECTS SUCH AS WIND RETRO- FITS, FLOOD MITIGATION ELEVATION AND WET OR DRY FLOOD-PROOFING PROJECTS, FIRE MITIGATION RETROFIT PROJECTS, AND EARTHQUAKE RETROFIT MITIGATION PROJECTS. THESE LOANS MAY BE ATTACHED TO PROPERTY TAXES, ALLOWING FOR THE PROPERTY TO BE SOLD SO LONG AS THE NEW OWNER AGREES TO ASSUME THE DEBT OBLIGATION. (C) LOANS PROVIDED UNDER THIS SECTION MAY BE USED TO SATISFY THE NON- FEDERAL MATCH FOR FEDERAL MITIGATION GRANTS. 3. (A) THE DIVISION SHALL, TAKING INTO CONSIDERATION REQUIREMENTS FROM THE STORM ACT, ESTABLISH APPLICATION PROCEDURES AND ELIGIBILITY CRITERIA FOR LOANS FROM THE RESILIENT NEW YORK REVOLVING LOAN FUND ESTABLISHED PURSUANT TO SECTION NINETY-NINE-OO OF THE STATE FINANCE LAW. THE ELIGI- EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD14931-01-2
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