Assembly Bill A5865

2023-2024 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 Assembly Committee


  • 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

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2023-A5865 (ACTIVE) - Details

See Senate Version of this Bill:
S2506
Current Committee:
Assembly Housing
Law Section:
Private Housing Finance Law
Laws Affected:
Amd §1111, add §59-j, Priv Hous Fin L
Versions Introduced in 2021-2022 Legislative Session:
S8265

2023-A5865 (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.

2023-A5865 (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   5865
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                              March 23, 2023
                                ___________
 
 Introduced  by M. of A. MEEKS -- read once and referred to the Committee
   on Housing
 
 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
 PRESERVATION  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
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD07226-03-3
              

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