Senate Bill S2506A

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  2506--A
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                             January 20, 2023
                                ___________
 
 Introduced by Sens. KAVANAGH, JACKSON -- read twice and ordered printed,
   and  when  printed  to  be  committed  to  the  Committee  on Housing,
   Construction and Community Development -- committee  discharged,  bill
   amended,  ordered reprinted as amended and recommitted to said commit-
   tee

 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:
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD07226-02-3
 S. 2506--A                          2
 
              

   (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
 OWNER'S PRIMARY RESIDENCE OR RENTED TO PERSONS OR FAMILIES OF LOW INCOME
 AS DEFINED IN SUBDIVISION NINETEEN OF SECTION TWO OF THIS CHAPTER; AND
   (C) THE LAND OWNED BY THE NONPROFIT CORPORATION, ON WHICH  A  DWELLING
 OR  UNIT SOLD TO A QUALIFIED OWNER IS SITUATED, IS LEASED BY SUCH CORPO-
 RATION TO THE QUALIFIED OWNER FOR THE CONVENIENT OCCUPATION AND  USE  OF
 SUCH  DWELLING  OR  UNIT  FOR  AN INITIAL TERM OF NINETY-NINE YEARS WITH
 RENEWAL RIGHTS UNDER THE SAME INITIAL TERMS AND CONDITIONS.
   § 2. The private housing finance  law  is  amended  by  adding  a  new
 section 59-j to read as follows:
   §  59-J. THE NEW YORK STATE COMMUNITY LAND TRUST ACQUISITION FUND. THE
 AFFORDABLE HOUSING CORPORATION, CREATED BY SECTION FORTY-FIVE-B OF  THIS
 ARTICLE, SHALL CREATE AND ESTABLISH A SPECIAL FUND KNOWN AS THE NEW YORK
 STATE COMMUNITY LAND TRUST ACQUISITION FUND AND SHALL PAY INTO THIS FUND
 ANY  MONEYS  WHICH  MAY  BE  MADE  AVAILABLE TO SUCH CORPORATION FOR THE
 PURPOSES OF THIS FUND FROM ANY  SOURCE  INCLUDING  BUT  NOT  LIMITED  TO
 MONEYS  APPROPRIATED  BY AND MADE AVAILABLE PURSUANT TO APPROPRIATION BY
 THE STATE AND ANY INCOME OR INTEREST EARNED BY,  OR  INCREMENT  TO,  THE
 ACCOUNT  DUE TO THE INVESTMENT THEREOF OR LOANS MADE PURSUANT TO ARTICLE
 NINETEEN OF THIS CHAPTER. THE MONEYS HELD IN OR CREDITED TO THE ACQUISI-
 TION FUND ESTABLISHED UNDER THIS SECTION SHALL  BE  EXPENDED  SOLELY  TO
 CARRY OUT THE PROVISIONS OF ARTICLE NINETEEN OF THIS CHAPTER EXCLUSIVELY
 FOR  COMMUNITY  LAND  TRUSTS  AS  DEFINED IN SUBDIVISION NINE OF SECTION
 ELEVEN HUNDRED ELEVEN OF THIS CHAPTER.
   § 3. This act shall take effect immediately.