senate Bill S7149

Signed By Governor
2021-2022 Legislative Session

Relates to authorizing powers of the housing trust fund corporation

download bill text pdf

Sponsored By

Current Bill Status - Signed by Governor


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

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Actions

view actions (11)
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

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

S7149 (ACTIVE) - Summary

Relates to authorizing powers of the housing trust fund corporation and specifies the scope of eligible purchasers of the housing finance agency and New York city housing development corporation bonds.

S7149 (ACTIVE) - Sponsor Memo

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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