S T A T E O F N E W Y O R K
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5803
2009-2010 Regular Sessions
I N A S S E M B L Y
February 20, 2009
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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 333 of the laws of 2004, 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 or (ii) the following per dwelling unit limitations (A)
thirty-five thousand dollars for projects except as provided in clause
(B) OR (C) of this item [(ii)] or (B) forty thousand dollars for a high
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD07977-01-9
A. 5803 2
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 ACQUI-
SITION WITHIN THE CITY OF YONKERS OF EXISTING HOUSING STOCK COOPER-
ATIVES, CONDOMINIUMS AND FEE SIMPLE MULTI-FAMILY HOUSING WHERE APPROPRI-
ATE. 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 appro-
priated pursuant to this article in any fiscal year shall be allocated
to homes located within any single municipality.
S 2. This act shall take effect immediately.