senate Bill S8265

2021-2022 Legislative Session

Relates to creating a new acquisition fund for community land trusts located in New York state

download bill text pdf

Sponsored By

Current Bill Status - In Senate Committee Finance Committee


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

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Actions

view actions (2)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Mar 02, 2022 reported and committed to finance
Feb 07, 2022 referred to housing, construction and community development

Votes

view votes

Mar 2, 2022 - Housing, Construction and Community Development committee Vote

S8265
11
0
committee
11
Aye
0
Nay
0
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, 2022

Co-Sponsors

S8265 (ACTIVE) - Details

Current Committee:
Senate Finance
Law Section:
Private Housing Finance Law
Laws Affected:
Amd §1111, add §59-j, Priv Hous Fin L

S8265 (ACTIVE) - Summary

Relates to creating a new acquisition fund for community land trusts located in New York state; provides that moneys of the fund shall be expended solely to carry out the affordable home ownership development program exclusively for community land trusts; defines community land trusts.

S8265 (ACTIVE) - Sponsor Memo

S8265 (ACTIVE) - Bill Text download pdf

 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   8265
 
                             I N  S E N A T E
 
                             February 7, 2022
                                ___________
 
 Introduced  by Sen. KAVANAGH -- 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 creating
   a  new  acquisition fund for community land trusts located in New York
   state
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  Subdivision  2  of  section  1111  of the private housing
 finance law, as amended by chapter 202 of the laws of 2010,  is  amended
 and a new subdivision 9 is added to read as follows:
   2.  "Eligible applicant" shall mean a city, a town, a village, a hous-
 ing development fund company incorporated pursuant to article eleven  of
 this  chapter, any not-for-profit corporation or charitable organization
 which has as one of its primary purposes the improvement of housing or a
 municipal housing authority created pursuant to the public housing  law,
 A  COMMUNITY  LAND TRUST AS DEFINED IN SUBDIVISION NINE OF THIS SECTION,
 or a public benefit corporation  formed  to  assist  particular  munici-
 palities  with their housing, community development or renewal needs, or
 a county, provided, however, that the county acts as an administrator of
 a  program  under  which  projects  are  constructed,  rehabilitated  or
 improved  by  other eligible applicants or acts in any other capacity as
 permitted by law.
   9.  FOR THE PURPOSES OF THIS SUBDIVISION, "COMMUNITY LAND TRUST" SHALL
 MEAN A CORPORATION ORGANIZED PURSUANT TO THE NOT-FOR-PROFIT  CORPORATION
 LAW AND EXEMPT FROM TAXATION PURSUANT TO SECTION 501(C)(3) OF THE INTER-
 NAL REVENUE CODE THAT SATISFIES THE FOLLOWING CRITERIA:
   (A)  SUCH  NONPROFIT CORPORATION'S PRIMARY PURPOSE IS THE CREATION AND
 MAINTENANCE OF  PERMANENTLY  AFFORDABLE  SINGLE-FAMILY  OR  MULTI-FAMILY
 RESIDENCES;
   (B)  ALL  DWELLINGS  AND UNITS LOCATED ON LAND OWNED BY SUCH NONPROFIT
 CORPORATION IS SOLD TO A QUALIFIED OWNER TO BE OCCUPIED AS THE QUALIFIED
 OWNER'S PRIMARY RESIDENCE OR RENTED TO PERSONS OR FAMILIES OF LOW INCOME
 AS DEFINED IN SUBDIVISION TEN OF SECTION TWELVE OF THIS CHAPTER; AND
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

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