Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jul 01, 2021 |
signed chap.235 |
Jun 24, 2021 |
delivered to governor |
Jun 09, 2021 |
returned to senate passed assembly ordered to third reading rules cal.622 substituted for a7716 |
Jun 08, 2021 |
referred to ways and means delivered to assembly passed senate |
Jun 07, 2021 |
ordered to third reading cal.1595 |
Jun 02, 2021 |
referred to rules |
Senate Bill S7149
Signed By Governor2021-2022 Legislative Session
Sponsored By
(D, WF) 28th Senate District
Archive: Last Bill Status - 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
Actions
Votes
2021-S7149 (ACTIVE) - Details
- See Assembly Version of this Bill:
- A7716
- Law Section:
- Private Housing Finance Law
- Laws Affected:
- Amd §§1102, 44 & 654, Priv Hous Fin L
2021-S7149 (ACTIVE) - Sponsor Memo
BILL NUMBER: S7149 SPONSOR: KRUEGER TITLE OF BILL: An act to amend the private housing finance law, in relation to author- izing powers of the housing trust fund corporation, and specifying the scope of eligible purchasers of the housing finance agency and the New York city housing development corporation bonds PURPOSE OF THE BILL: This bill would amend the Housing Finance Agency (HFA) and Housing Development Corporation (HDC) statutes to broaden the scope of eligible purchasers of non-rated, privately issued HFA and HDC bonds to include agencies that are active in the housing space. Lastly, this bill would also amend the statute of HFA's subsidiary, the Housing Trust Fund Corporation (HTFC), to extend the 30- year loan term maximum by allowing the loan term to be extended to forty years to provide for the timing to be co-terminus with other financing or regulating agencies participating in the project with longer financing and regulatory requirements.
2021-S7149 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 7149 2021-2022 Regular Sessions I N S E N A T E June 2, 2021 ___________ Introduced by Sen. KRUEGER -- (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 Rules AN ACT to amend the private housing finance law, in relation to author- izing powers of the housing trust fund corporation, and specifying the scope of eligible purchasers of the housing finance agency and the New York city housing development corporation bonds 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- EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
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