|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|Mar 02, 2022||reported and committed to finance|
|Feb 07, 2022||referred to housing, construction and community development|
senate Bill S8265
Current Bill Status - In Senate Committee Finance Committee
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
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
BILL NUMBER: S8265 SPONSOR: KAVANAGH TITLE OF BILL: 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 PURPOSE: The purpose of this bill is to promote housing stability and permanent affordability, especially in communities that might otherwise be subject to speculative investment in the private housing market that might displace existing residents, by assisting community land trusts (CLTs) in acquiring vacant land or housing in need of repair through a new New York State CLT Acquisition Fund. SUMMARY OF PROVISIONS: Section 1 of the bill amends the law governing the Affordable Home Ownership Development Program, Article 19 of the Private Housing Finance
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.
Open Legislation is a forum for New York State legislation. All comments are subject to review and community moderation is encouraged.
Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity, hate or toxic speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Attempts to intimidate and silence contributors or deliberately deceive the public, including excessive or extraneous posting/posts, or coordinated activity, are prohibited and may result in the temporary or permanent banning of the user. Comment moderation is generally performed Monday through Friday. By contributing or voting you agree to the Terms of Participation and verify you are over 13.