senate Bill S3372

2021-2022 Legislative Session

Relates to affordable housing corporation grants

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Current Bill Status - Passed Senate & Assembly


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

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Actions

view actions (11)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jun 02, 2021 returned to senate
passed assembly
ordered to third reading rules cal.310
substituted for a4341a
Mar 08, 2021 referred to housing
delivered to assembly
passed senate
Mar 04, 2021 advanced to third reading
Mar 03, 2021 2nd report cal.
Mar 02, 2021 1st report cal.490
Jan 29, 2021 referred to housing, construction and community development

Votes

view votes

Mar 2, 2021 - Housing, Construction and Community Development committee Vote

S3372
9
0
committee
9
Aye
0
Nay
2
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: Mar 2, 2021

aye wr (2)

Co-Sponsors

view additional co-sponsors

S3372 (ACTIVE) - Details

See Assembly Version of this Bill:
A4341
Law Section:
Private Housing Finance Law
Laws Affected:
Amd §1112, Priv Hous Fin L
Versions Introduced in Other Legislative Sessions:
2017-2018: S7063, A6494
2019-2020: S1824, A6277

S3372 (ACTIVE) - Summary

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

S3372 (ACTIVE) - Sponsor Memo

S3372 (ACTIVE) - Bill Text download pdf

 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   3372
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                             January 29, 2021
                                ___________
 
 Introduced  by  Sens. BAILEY, ADDABBO, BENJAMIN, BOYLE, COMRIE, HOYLMAN,
   JACKSON, KENNEDY, KRUEGER, MYRIE, PARKER, PERSAUD,  SALAZAR,  SANDERS,
   SAVINO,  SEPULVEDA,  SERRANO,  SKOUFIS,  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
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

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