Senate Bill S5594

2015-2016 Legislative Session

Creates a middle income home ownership subsidy program

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Sponsored By

Archive: Last Bill Status - In Senate Committee Housing, Construction And Community Development Committee


  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2015-S5594 (ACTIVE) - Details

See Assembly Version of this Bill:
A6898
Current Committee:
Senate Housing, Construction And Community Development
Law Section:
Public Housing Law
Laws Affected:
Add Art 11-A ยงยง250 - 255, Pub Hous L
Versions Introduced in Other Legislative Sessions:
2017-2018: S3805, A4496
2019-2020: S2207, A4910
2021-2022: S3369
2023-2024: S1280

2015-S5594 (ACTIVE) - Summary

Creates a middle income home ownership subsidy program to assist persons with an income below the current median income for the city of New York with the purchase of a residence in an urban area.

2015-S5594 (ACTIVE) - Sponsor Memo

2015-S5594 (ACTIVE) - Bill Text download pdf

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  5594

                       2015-2016 Regular Sessions

                            I N  S E N A T E

                              May 15, 2015
                               ___________

Introduced  by  Sen. HASSELL-THOMPSON -- read twice and ordered printed,
  and when  printed  to  be  committed  to  the  Committee  on  Housing,
  Construction and Community Development

AN ACT to amend the public housing law, in relation to creating a middle
  income home ownership subsidy program

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. The public housing law is amended by adding a  new  article
11-A to read as follows:
                               ARTICLE 11-A
                  MIDDLE INCOME HOME OWNERSHIP SUBSIDY
SECTION 250. DEFINITIONS.
        251. MIDDLE INCOME HOME OWNERSHIP SUBSIDY PROGRAM.
        252. APPLICATIONS.
        253. AMOUNT  AND  PROCEDURE  FOR  MIDDLE  INCOME  HOME OWNERSHIP
               SUBSIDY PAYMENTS.
        254. RULES AND REGULATIONS.
        255. FUNDING  FOR  THE  MIDDLE  INCOME  HOME  OWNERSHIP  SUBSIDY
               PROGRAM.
  S  250. DEFINITIONS. FOR PURPOSES OF THIS ARTICLE, THE FOLLOWING TERMS
SHALL HAVE THE FOLLOWING MEANINGS:
  1. "ELIGIBLE UNIT" SHALL MEAN:
  A. ANY (I) HOME WITH TWO OR FEWER UNITS; (II)  CONDOMINIUM;  OR  (III)
COOPERATIVE;
  B.  WHERE  THE  PURCHASE  OF SUCH HOME, CONDOMINIUM, OR COOPERATIVE IS
PROVIDED FOR, INSURED, OR GUARANTEED BY THE STATE OR FEDERAL GOVERNMENT;
  C. LOCATED IN AN URBAN AREA AS DEFINED BY THE DIVISION.
  2. "QUALIFIED HOUSEHOLD" SHALL MEAN ANY PERSON OR HIS  OR  HER  FAMILY
MEMBER WHO:
  A.  HAS AN ANNUAL HOUSEHOLD INCOME BELOW THE CURRENT MEDIAN INCOME FOR
THE CITY OF NEW YORK, PROVIDED, THAT ANY SUBSIDY RECEIVED AS A RESULT OF

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD09789-02-5
              

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