NY State Assembly Bill 2017-A6494B

Archive: Last Bill Status - In Assembly 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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Actions

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	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Jun 08, 2018	print number 6494b
Jun 08, 2018	amend and recommit to ways and means
Jun 05, 2018	reported referred to ways and means
Apr 25, 2018	print number 6494a
Apr 25, 2018	amend and recommit to housing
Jan 03, 2018	referred to housing
Mar 07, 2017	referred to housing

Bill Amendments

Original

B (Active)

co-Sponsors

View additional co-sponsors

multi-Sponsors

2017-A6494 - Details

See Senate Version of this Bill:: S7063
Current Committee:: Assembly Ways And Means
Law Section:: Private Housing Finance Law
Laws Affected:: Amd §1112, Priv Hous Fin L
Versions Introduced in Other Legislative Sessions:: 2019-2020: A6277, S1824
2021-2022: A4341, S3372

2017-A6494 - Summary

Relates to affordable housing corporation grants by increasing the amount that can be granted to a high cost project.

2017-A6494 - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   6494
 
                        2017-2018 Regular Sessions
 
                           I N  A S S E M B L Y
 
                               March 7, 2017
                                ___________
 
 Introduced by M. of A. WALKER -- read once and referred to the Committee
   on Housing
 
 AN ACT to amend the private housing finance law, in relation to afforda-
   ble housing corporation grants
 
   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 64 of the laws of 2012, 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  for projects involving acquisition or one hundred percent
 of rehabilitation programs without an acquisition component or (ii)  the
 following per dwelling unit limitations (A) thirty-five thousand dollars

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

                                                            LBD09879-01-7

 A. 6494                             2
 
 for  projects  except  as  provided  in  item  (B) of this clause or (B)
 [forty] ONE HUNDRED TEN thousand dollars for a high cost  project  or  a
 project which will receive a loan from the federal farmers home adminis-
 tration.  Up  to  ten percent of the program or project cost may be used
 for grantee operating expenses including expenses related to the  organ-
 ization  operating support and administration of the contract. 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 appropriated pursuant to this
 article in any fiscal year shall be allocated to  homes  located  within
 any single municipality.
   §  2. Subdivision 2 of section 1112 of the private housing finance law
 is amended by adding a new paragraph (j) to read as follows:
   (J) IN THE CASE OF AN AWARD OF OVER FORTY THOUSAND DOLLARS, THE  GRAN-
 TEE  SHALL  FOR A PERIOD OF AT LEAST SIXTY YEARS, BUT NO MORE THAN NINE-
 TY-NINE YEARS, NOT SELL THE PROPERTY IMPROVED THROUGH A GRANT  FROM  THE
 CORPORATION  AND THE GRANTEE SHALL ENSURE THIS RESALE RESTRICTION BY USE
 OF DEED RESTRICTIONS, COMMUNITY LAND TRUSTS, OR  LIMITED-EQUITY  COOPER-
 ATIVE OWNERSHIP STRUCTURE.
   §  3.  Section  1112  of the private housing finance law is amended by
 adding a new subdivision 3-a to read as follows:
   3-A. IN DETERMINING AWARDS PURSUANT TO THIS ARTICLE,  THE  CORPORATION
 SHALL  ESTABLISH TIERED PROJECT FUNDING LEVELS BASED ON LENGTH AND DEPTH
 OF AFFORDABILITY WITH PREFERENCE FOR  APPROVAL  AND  ALLOCATION  AMOUNTS
 BEING GIVEN TO LONGER TERMS AND GREATER DEPTH OF AFFORDABILITY.
   §  4.  Projects  in pre-development that have already received commit-
 ments from the corporation prior to the effective date of this act shall
 be granted the opportunity to request additional capital under  the  law
 after the effective date of this act.
   § 5. This act shall take effect immediately.

co-Sponsors

View additional co-sponsors

multi-Sponsors

2017-A6494A - Details

See Senate Version of this Bill:: S7063
Current Committee:: Assembly Ways And Means
Law Section:: Private Housing Finance Law
Laws Affected:: Amd §1112, Priv Hous Fin L
Versions Introduced in Other Legislative Sessions:: 2019-2020: A6277, S1824
2021-2022: A4341, S3372

2017-A6494A - Summary

Relates to affordable housing corporation grants by increasing the amount that can be granted to a high cost project.

2017-A6494A - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  6494--A
 
                        2017-2018 Regular Sessions
 
                           I N  A S S E M B L Y
 
                               March 7, 2017
                                ___________
 
 Introduced  by  M.  of  A.  WALKER,  DICKENS, SIMOTAS, SEAWRIGHT, ORTIZ,
   DenDEKKER, SEPULVEDA, COLTON,  SIMON,  COOK,  MOSLEY,  AUBRY,  ARROYO,
   VANEL,   CARROLL,   RICHARDSON,   PERRY,   WRIGHT,  WILLIAMS,  CRESPO,
   O'DONNELL, BICHOTTE, RODRIGUEZ, SKOUFIS, NIOU, BARRON, RAIA,  MORINEL-
   LO, TAYLOR, BENEDETTO -- Multi-Sponsored by -- M. of A. HEVESI, LENTOL
   --  read  once and referred to the Committee on Housing -- recommitted
   to the Committee on Housing in accordance with Assembly Rule 3, sec. 2
   -- committee discharged, bill amended, ordered  reprinted  as  amended
   and recommitted to said committee
 
 AN ACT to amend the private housing finance law, in relation to afforda-
   ble housing corporation grants
 
   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 64 of the laws of 2012, 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

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

                                                            LBD09879-03-8

 A. 6494--A                          2
 
 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 for projects involving acquisition or one  hundred  percent
 of  rehabilitation programs without an acquisition component or (ii) the
 following per dwelling unit limitations (A) thirty-five thousand dollars
 for projects except as provided in  item  (B)  of  this  clause  or  (B)
 [forty] UP TO SEVENTY-FIVE thousand dollars for a high cost project or a
 project which will receive a loan from the federal farmers home adminis-
 tration.  Up  to  ten percent of the program or project cost may be used
 for grantee operating expenses including expenses related to the  organ-
 ization  operating support and administration of the contract. 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 appropriated pursuant to this
 article in any fiscal year shall be allocated to  homes  located  within
 any single municipality.
   §  2. Subdivision 2 of section 1112 of the private housing finance law
 is amended by adding a new paragraph (j) to read as follows:
   (J) IN THE CASE OF PROJECTS THAT RECEIVE AN AWARD OF OVER FORTY  THOU-
 SAND  DOLLARS, THE GRANTEE SHALL ESTABLISH RESALE RESTRICTIONS REQUIRING
 THE SALE OF THE UNIT OR UNITS RECEIVING SUCH  FUNDING  THROUGH  A  GRANT
 FROM  THE CORPORATION BE PURCHASED ONLY BY QUALIFIED LOW-INCOME HOMEBUY-
 ERS EXTENDING FOR A PERIOD OF AT LEAST SIXTY YEARS,  BUT  NO  MORE  THAN
 NINETY-NINE  YEARS, AND THE GRANTEE SHALL ENSURE THIS RESALE RESTRICTION
 BY USE OF DEED RESTRICTIONS, COMMUNITY LAND  TRUSTS,  OR  LIMITED-EQUITY
 COOPERATIVE OWNERSHIP STRUCTURE.
   §  3.  Section  1112  of the private housing finance law is amended by
 adding a new subdivision 3-a to read as follows:
   3-A. IN DETERMINING AWARDS PURSUANT TO THIS ARTICLE,  THE  CORPORATION
 SHALL  ESTABLISH TIERED PROJECT FUNDING LEVELS BASED ON LENGTH AND DEPTH
 OF AFFORDABILITY WITH PREFERENCE FOR  APPROVAL  AND  ALLOCATION  AMOUNTS
 BEING GIVEN TO LONGER TERMS AND GREATER DEPTH OF AFFORDABILITY.
   §  4.  Projects  in pre-development that have already received commit-
 ments from the corporation prior to the effective date of this act shall
 be granted the opportunity to request additional capital under  the  law
 after the effective date of this act.
   §  5. This act shall take effect on the two hundred fortieth day after
 it shall have become a law. Effective immediately, the  commissioner  of
 homes  and  community  renewal  is  authorized and directed to take such
 actions which are necessary for the implementation of this act,  includ-
 ing  the addition, amendment and/or repeal of any rule or regulation, on
 or before such effective date.

co-Sponsors

View additional co-sponsors

multi-Sponsors

2017-A6494B (ACTIVE) - Details

See Senate Version of this Bill:: S7063
Current Committee:: Assembly Ways And Means
Law Section:: Private Housing Finance Law
Laws Affected:: Amd §1112, Priv Hous Fin L
Versions Introduced in Other Legislative Sessions:: 2019-2020: A6277, S1824
2021-2022: A4341, S3372

2017-A6494B (ACTIVE) - Summary

Relates to affordable housing corporation grants by increasing the amount that can be granted to a high cost project.

2017-A6494B (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  6494--B
 
                        2017-2018 Regular Sessions
 
                           I N  A S S E M B L Y
 
                               March 7, 2017
                                ___________
 
 Introduced  by  M.  of  A.  WALKER,  DICKENS, SIMOTAS, SEAWRIGHT, ORTIZ,
   DenDEKKER, COLTON, SIMON, COOK, MOSLEY, AUBRY, ARROYO, VANEL, CARROLL,
   RICHARDSON, PERRY,  WRIGHT,  WILLIAMS,  CRESPO,  O'DONNELL,  BICHOTTE,
   RODRIGUEZ, SKOUFIS, NIOU, BARRON, TAYLOR, BENEDETTO, DILAN, DE LA ROSA
   --  Multi-Sponsored  by  -- M.   of A. HEVESI, LENTOL -- read once and
   referred to the Committee on Housing -- recommitted to  the  Committee
   on  Housing  in  accordance  with Assembly Rule 3, sec. 2 -- committee
   discharged, bill amended, ordered reprinted as amended and recommitted
   to said committee -- reported and referred to the  Committee  on  Ways
   and  Means -- committee discharged, bill amended, ordered reprinted as
   amended and recommitted to said committee
 
 AN ACT to amend the private housing finance law, in relation to afforda-
   ble housing corporation grants
 
   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 64 of the laws of 2012, 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

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

                                                            LBD09879-07-8

 A. 6494--B                          2
 
 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  for projects involving acquisition or one hundred percent
 of rehabilitation programs without an acquisition component or (ii)  the
 following per dwelling unit limitations (A) thirty-five thousand dollars
 for  projects  except  as  provided  in  item  (B) of this clause or (B)
 [forty] UP TO SEVENTY-FIVE thousand dollars for a high cost project or a
 project which will receive a loan from the federal farmers home adminis-
 tration. Up to ten percent of the program or project cost  may  be  used
 for  grantee operating expenses including expenses related to the organ-
 ization operating support and administration of the contract. 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  appropriated  pursuant  to  this
 article  in  any  fiscal year shall be allocated to homes located within
 any single municipality.
   § 2. Subdivision 2 of section 1112 of the private housing finance  law
 is amended by adding a new paragraph (j) to read as follows:
   (J)  IN THE CASE OF PROJECTS THAT RECEIVE AN AWARD OF OVER FORTY THOU-
 SAND DOLLARS, THE GRANTEE MAY ESTABLISH  RESALE  RESTRICTIONS  REQUIRING
 THE  SALE  OF  THE  UNIT OR UNITS RECEIVING SUCH FUNDING THROUGH A GRANT
 FROM THE CORPORATION BE PURCHASED ONLY BY QUALIFIED LOW-INCOME  HOMEBUY-
 ERS  EXTENDING  FOR  A  PERIOD OF AT LEAST SIXTY YEARS, BUT NO MORE THAN
 NINETY-NINE YEARS, AND THE GRANTEE MAY ENSURE THIS RESALE RESTRICTION BY
 USE OF DEED RESTRICTIONS, COMMUNITY LAND TRUSTS, OR LIMITED-EQUITY COOP-
 ERATIVE OWNERSHIP STRUCTURE.
   § 3. Section 1112 of the private housing finance  law  is  amended  by
 adding a new subdivision 3-a to read as follows:
   3-A.  IN  DETERMINING AWARDS PURSUANT TO THIS ARTICLE, THE CORPORATION
 SHALL ESTABLISH TIERED PROJECT FUNDING LEVELS BASED ON LENGTH AND  DEPTH
 OF AFFORDABILITY.
   §  4.  Projects  in pre-development that have already received commit-
 ments from the corporation prior to the effective date of this act shall
 be granted the opportunity to request additional capital under  the  law
 after the effective date of this act.
   §  5. This act shall take effect on the two hundred fortieth day after
 it shall have become a law. Effective immediately, the  commissioner  of
 homes  and  community  renewal  is  authorized and directed to take such
 actions which are necessary for the implementation of this act,  includ-
 ing  the addition, amendment and/or repeal of any rule or regulation, on
 or before such effective date.

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Assembly Bill A6494B

Sponsored By

Archive: Last Bill Status - In Assembly Committee

Bill Amendments

co-Sponsors

multi-Sponsors

2017-A6494 - Details

2017-A6494 - Summary

2017-A6494 - Bill Text download pdf

co-Sponsors

multi-Sponsors

2017-A6494A - Details

2017-A6494A - Summary

2017-A6494A - Bill Text download pdf

co-Sponsors

multi-Sponsors

2017-A6494B (ACTIVE) - Details

2017-A6494B (ACTIVE) - Summary

2017-A6494B (ACTIVE) - Bill Text download pdf

Comments

Assembly Bill A6494B

Share this bill

Sponsored By

WALKER

Archive: Last Bill Status - In Assembly Committee

Bill Amendments

co-Sponsors

Inez E. Dickens

Aravella Simotas

Rebecca Seawright

Felix Ortiz

multi-Sponsors

Andrew Hevesi

Joseph Lentol

2017-A6494 - Details

2017-A6494 - Summary

2017-A6494 - Bill Text download pdf

co-Sponsors

Inez E. Dickens

Aravella Simotas

Rebecca Seawright

Felix Ortiz

multi-Sponsors

Andrew Hevesi

Joseph Lentol

2017-A6494A - Details

2017-A6494A - Summary

2017-A6494A - Bill Text download pdf

co-Sponsors

Inez E. Dickens

Aravella Simotas

Rebecca Seawright

Felix Ortiz

multi-Sponsors

Andrew Hevesi

Joseph Lentol

2017-A6494B (ACTIVE) - Details

2017-A6494B (ACTIVE) - Summary

2017-A6494B (ACTIVE) - Bill Text download pdf

Comments