|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|Mar 08, 2021||referred to housing|
delivered to assembly
|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|
senate Bill S3372
Current Bill Status - Passed Senate
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
S3372 (ACTIVE) - Details
S3372 (ACTIVE) - Sponsor Memo
BILL NUMBER: S3372 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
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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