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
                               ___________

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.