Legislation

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This entry was published on 2014-09-22
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SECTION 1106
Legislative findings and declarations
Private Housing Finance (PVH) CHAPTER 44-B, ARTICLE 18-A
§ 1106. Legislative findings and declarations. The legislature hereby
finds and declares that there is a serious shortage of decent affordable
housing in the state for persons of low income; that the cost of
providing such housing without public participation and assistance is
prohibitively high; that programs operated by municipal housing
authorities and municipalities have for decades provided hundreds of
thousands of low income New Yorkers with decent, safe and affordable
housing; that due to the lack of funds available for leveraging state
dollars for low income housing, and the delay that occurs when a variety
of funding sources are used to produce such housing, a need exists for
the state to fully finance debt free low income housing. The
legislature therefore finds that a program should be established
pursuant to which the housing trust fund corporation shall provide
grants or loans to municipal housing authorities, municipalities and
not-for-profit organizations or charitable organizations, housing
development fund companies, or private developers which shall be used to
pay for all or a portion of the project costs of constructing or
rehabilitating turnkey/enhanced rental projects, and that such projects
shall thereafter be owned by eligible owners for the benefit of persons
of low income. The legislature intends that grants or loans provided to
municipal housing authorities, or municipalities through the low income
turnkey/enhanced housing trust fund program shall not substitute for
funds which such authorities or municipalities would have spent in the
absence of such program, and that authorities and municipalities shall
use such grants or loans to increase the supply of low income housing to
levels greater than would have been possible without such program.