Assembly Bill A4341A

Signed By Governor
2021-2022 Legislative Session

Relates to affordable housing corporation grants

download bill text pdf

Sponsored By

Archive: Last Bill Status Via S3372 - Signed by Governor


  • 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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Bill Amendments

co-Sponsors

multi-Sponsors

2021-A4341 - Details

See Senate Version of this Bill:
S3372
Law Section:
Private Housing Finance Law
Laws Affected:
Amd §1112, Priv Hous Fin L
Versions Introduced in Other Legislative Sessions:
2017-2018: A6494, S7063
2019-2020: A6277, S1824

2021-A4341 - Summary

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

2021-A4341 - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   4341
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             February 1, 2021
                                ___________
 
 Introduced  by M. of A. WALKER, AUBRY, DICKENS, PERRY, BARRON, WILLIAMS,
   COLTON,  NIOU,  DE LA ROSA,  SIMON,  COOK,  ENGLEBRIGHT,  JEAN-PIERRE,
   TAYLOR,  CRUZ,  EPSTEIN,  RODRIGUEZ  -- Multi-Sponsored by -- M. of A.
   HEVESI -- read once and referred to the Committee on Housing
 
 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.
              

co-Sponsors

multi-Sponsors

2021-A4341A (ACTIVE) - Details

See Senate Version of this Bill:
S3372
Law Section:
Private Housing Finance Law
Laws Affected:
Amd §1112, Priv Hous Fin L
Versions Introduced in Other Legislative Sessions:
2017-2018: A6494, S7063
2019-2020: A6277, S1824

2021-A4341A (ACTIVE) - Summary

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

2021-A4341A (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  4341--A
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             February 1, 2021
                                ___________
 
 Introduced  by M. of A. WALKER, AUBRY, DICKENS, PERRY, BARRON, WILLIAMS,
   COLTON,  NIOU,  DE LA ROSA,  SIMON,  COOK,  ENGLEBRIGHT,  JEAN-PIERRE,
   TAYLOR, CRUZ, EPSTEIN, RODRIGUEZ, ZINERMAN -- Multi-Sponsored by -- M.
   of  A. HEVESI -- read once and referred to the Committee on Housing --
   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,
 or grants, on such terms and conditions as the grantee with the approval
 of  the  corporation  shall  determine,  provided that no such payments,

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

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