BILL NUMBER: S7486

SPONSOR: MAYER
 
TITLE OF BILL:

An act to amend chapter 405 of the laws of 2011, relating to authorizing
the lease of lands located at the state university of New York at
Purchase, in relation to the permitted use of proceeds from the lease of
such lands

 
PURPOSE OF BILL:

This bill permits the board of trustees of Purchase College to add New
York State resident students who were at any time eligible for a Pell
grant while attending Purchase College to those eligible for student
financial aid allocated from the proceeds from the lease of lands
located at the State University of New York at Purchase.

 
SUMMARY OF SPECIFIC PROVISIONS:

Section 1 amends section 13 of chapter 405 of the laws of 2011 relating
to authorizing the lease of lands located at the state university of New
              

York at Purchase to include New York State resident students who were at
any time eligible for a Pell grant while attending Purchase College to
those eligible for student financial aid allocated from the proceeds
from the lease of land.

Section 2 sets the effective date.

 
JUSTIFICATION:

Chapter 405 of the Laws of 2011 authorized the lease of lands of the
State University of New York at Purchase to the Purchase College
advancement corporation, to be used as the site of a senior living
community.

Under existing law, the board of trustees of Purchase College is
directed to allocate seventy-five per cent of the lease proceeds to
financial aid for students "who are eligible to receive a tuition
assistance award or supplemental tuition assistance pursuant to section
667 or 667-a of the education law," and twenty-five per cent to support
full-time faculty positions.

Chapter 563 of the laws of 2023 expanded the permitted use of the
proceeds from the lease to include support for current as well as addi-
tional full-time faculty. This bill would further expand the permitted
uses of the lease proceeds to include additional students among those
eligible for financial aid.

This bill would expand use of the seventy-five percent allocated to
financial aid to include New York State resident students who were at
any time eligible for a Pell grant while attending Purchase. College.

Due to specific eligibility requirements tied to New York's Tuition
Assistance Program, the college's ability to fully leverage funds gener-
ated from the lease of lands to attract and retain students is limited.
Expanding the criteria to include Pell-eligible students would facili-
tate and support the college's efforts to meet the needs of more

students and would improve Purchase's ability to attract and enroll
students.

 
PRIOR LEGISLATIVE HISTORY:

New bill.

 
FISCAL IMPLICATIONS:

To be determined.

 
EFFECTIVE DATE:
This act shall take effect immediately.