Assembly Bill A7491

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   7491
 
                        2025-2026 Regular Sessions
 
                           I N  A S S E M B L Y
 
                              March 28, 2025
                                ___________
 
 Introduced  by M. of A. PRETLOW -- read once and referred to the Commit-
   tee on Housing
 
 AN ACT to amend the private housing finance law, in relation to afforda-
   ble home ownership development contracts within the city of Yonkers
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  Subdivision  1  of  section  1112  of the private housing
 finance law, as amended by chapter 777 of the laws of 2021,  is  amended
 to read as follows:
   1.  Within  the  limit  of  funds  available in the affordable housing
 development account, the corporation is hereby authorized to enter  into
 contracts  with  eligible applicants to provide grants which such appli-
 cants  shall  use  to  finance  affordable  home  ownership  development
 programs subject to the terms and conditions of this article. Any grants
 received by a municipality hereunder shall not be deemed to be municipal
 funds.  Grantees  shall  utilize funds provided pursuant to this article
 solely as payments, grants and loans to owners to reduce  the  costs  of
 new  construction,  rehabilitation  or  home  improvement or the cost of
 acquisition, but only where such acquisition is part  of  an  affordable
 home  ownership development program or project to construct or rehabili-
 tate homes, or as otherwise authorized by law. Such financial assistance
 may be in the form of loans, participation in loans  including  but  not
 limited  to  participation  in  loans  originated or financed by lending
 institutions as defined in section forty-two of this chapter, private or
 public employee pension funds or the state of New York mortgage  agency,
 or grants, on such terms and conditions as the grantee with the approval
 of  the  corporation  shall  determine,  provided that no such payments,
 grants and loans shall exceed the lesser of (i)  sixty  percent  of  the
 project  cost  for projects involving acquisition or one hundred percent
 of rehabilitation programs without an acquisition component or (ii)  the
 following  per  dwelling unit limitations (A) fifty thousand dollars for
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD10707-01-5
              

 A. 7491                             2
 
 projects except as provided in subparagraph (B) of this paragraph or (B)
 up to seventy-five thousand dollars for a high cost project or a project
 which will receive a loan from the federal farmers home administration
 OR (C) TWENTY-FIVE THOUSAND DOLLARS FOR NEW CONSTRUCTION WITHIN THE CITY
 OF  YONKERS  OF  AFFORDABLE  HOUSING  AND ACQUISITION WITHIN THE CITY OF
 YONKERS OF EXISTING HOUSING STOCK  COOPERATIVES,  CONDOMINIUMS  AND  FEE
 SIMPLE MULTI-FAMILY HOUSING WHERE APPROPRIATE.  Up to ten percent of the
 program  or  project  cost  may  be  used for grantee operating expenses
 including expenses related to the  organization  operating  support  and
 administration of the contract. Among the criteria the corporation shall
 consider  in  determining  whether a project is a high cost project are:
 average cost of construction in the area, location of the  project,  and
 the impact of the additional funding on the affordability of the project
 for  the  occupants  of  such project. No more than fifty percent of the
 total amount appropriated pursuant to this article in  any  fiscal  year
 shall be allocated to homes located within any single municipality.
   § 2.  This act shall take effect immediately.