S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                    795
 
                        2017-2018 Regular Sessions
 
                           I N  A S S E M B L Y
 
                              January 9, 2017
                                ___________
 
 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 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.
              

                                                            LBD05211-01-7

 A. 795                              2
 
 for projects except as provided in item (B) of this clause or (B)  forty
 thousand dollars for a high 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 ACQUISITION WITHIN THE CITY OF YONKERS OF  EXIST-
 ING HOUSING STOCK COOPERATIVES, CONDOMINIUMS AND FEE SIMPLE MULTI-FAMILY
 HOUSING  WHERE APPROPRIATE.  Up to ten percent of the program or project
 cost may be used  for  grantee  operating  expenses  including  expenses
 related  to the organization operating support and administration of the
 contract. Among the criteria the corporation shall consider in determin-
 ing 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.
   § 2.  This act shall take effect immediately.