NY State Senate Bill 2017-S7063B

Archive: Last Bill Status - In Senate Committee Rules 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

View Actions

	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Jun 20, 2018	committed to rules
Jun 11, 2018	amended on third reading 7063b
May 31, 2018	advanced to third reading
May 30, 2018	2nd report cal.
May 22, 2018	1st report cal.1308
Apr 17, 2018	print number 7063a
Apr 17, 2018	amend and recommit to housing, construction and community development
Jan 03, 2018	referred to housing, construction and community development

Votes

- May 22, 2018 - Housing, Construction And Community Development Committee Vote
  S7063B
  
  7
  
  Aye
  
  2
  
  Nay
  
  0
  
  Aye with Reservations
  
  0
  
  Absent
  
  0
  
  Excused
  
  0
  
  Abstained
  - - Housing, Construction And Community Development Committee Vote: May 22, 2018
      
      aye (7)
      
      Avella
      
      Bailey
      
      Bonacic
      
      Boyle
      
      Brooks
      
      Krueger
      
      Little
      
      nay (2)
      
      Gallivan
      
      Young

Bill Amendments

Original

B (Active)

co-Sponsors

View additional co-sponsors

2017-S7063 - Details

See Assembly Version of this Bill:: A6494
Current Committee:: Senate Rules
Law Section:: Private Housing Finance Law
Laws Affected:: Amd §1112, Priv Hous Fin L
Versions Introduced in Other Legislative Sessions:: 2019-2020: S1824, A6277
2021-2022: S3372, A4341

2017-S7063 - Summary

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

2017-S7063 - Sponsor Memo

                                
 
BILL NUMBER: S7063

SPONSOR: BAILEY
 
TITLE OF BILL:  An act to amend the private housing finance law, in
relation to affordable housing corporation grants

 
PURPOSE OR GENERAL IDEA OF BILL:

This bill would amend section 1. Subdivision 1 of section 1112 of the
private housing finance law, in the effort to promote affordable home
ownership. This act authorize the corporation to enter into contract
with eligible applicants to provide grants which such applicants will
use to finance affordable home ownership development programs to reduce
the costs of new construction, rehabilitation or home improvement or
acquisition.

 
SUMMARY OF SPECIFIC PROVISIONS:

This program has not been adjusted to reflect the increased cost of
construction over the past 30 years. This amendment to the Private Hous-
ing Finance Law Article XIX Section 1112 and related sections that would

reflect the following changes:

1. Increase subsidy availability for projects in high cost markets from
$40,000 per dwelling unit to up to $110,000/du

2. Require resale restrictions for no less than 60 years and no more
than 99 years for projects seeking more than $40,000/du through deed
restrictions, community land trusts, or limited-equity cooperative
ownership structures.

3. Project funding levels will be tiered 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 commitments
from ABC under previous guidelines shall be granted the opportunity to
request additional capital subsidies under these revised conditions

 
JUSTIFICATION:

The New York State Affordable Housing Corporation ("AMC") is a public
benefit corporation, established in 1985 pursuant to Section 45-b of the
Private Housing Finance Law ("PHFL") as a subsidiary of the New York
State Housing Finance Agency ("HFA"), to administer the Affordable Home
Ownership Development Program ("Program") under PHFL Article 19. The
purpose of the Program is to promote homeownership by persons of low and
moderate income, which, in turn, fosters the development, stabilization
and preservation of neighborhoods and communities. To achieve these
goals, AHC provides financial assistance, in conjunction with other
private and public investment, for the construction, acquisition, reha-
bilitation and improvement of owner-occupied housing.

 
FISCAL IMPLICATIONS FOR STATE AND LOCAL GOVERNMENTS:

The cost to the state and localities in lost revenues due to the special
benefits would be offset through new construction resulting in increased
income tax, partial property tax and mortgage recording tax collections.

 
EFFECTIVE DATE:
This act shall take effect immediately.

2017-S7063 - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   7063
 
                             I N  S E N A T E
 
                                (PREFILED)
 
                              January 3, 2018
                                ___________
 
 Introduced  by  Sen.  BAILEY -- 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 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
 for  projects  except  as  provided  in  item  (B) of this clause or (B)

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD09879-01-7

 S. 7063                             2
 
 [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

2017-S7063A - Details

See Assembly Version of this Bill:: A6494
Current Committee:: Senate Rules
Law Section:: Private Housing Finance Law
Laws Affected:: Amd §1112, Priv Hous Fin L
Versions Introduced in Other Legislative Sessions:: 2019-2020: S1824, A6277
2021-2022: S3372, A4341

2017-S7063A - Summary

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

2017-S7063A - Sponsor Memo

                                
 
BILL NUMBER: S7063A

SPONSOR: BAILEY
 
TITLE OF BILL:  An act to amend the private housing finance law, in
relation to affordable housing corporation grants

 
PURPOSE OR GENERAL IDEA OF BILL:

This bill would amend section 1. Subdivision 1 of section 1112 of the
private housing finance law, in the effort to promote affordable home
ownership. This act authorize the corporation to enter into contract
with eligible applicants to provide grants which such applicants will
use to finance affordable home ownership development programs to reduce
the costs of new construction, rehabilitation or home improvement or
acquisition.

 
SUMMARY OF SPECIFIC PROVISIONS:

This program has not been adjusted to reflect the increased cost of
construction over the past 30 years. This amendment to the Private Hous-
ing Finance Law Article XIX Section 1112 and related sections that would

reflect the following changes:

1. Increase subsidy availability for projects in high cost markets from
$40,000 per dwelling unit to up to $75,000/du

2. Require resale restrictions for no less than 60 years and no more
than 99 years for projects seeking more than $40,000/du through deed
restrictions, community land trusts, or limited-equity cooperative
ownership structures.

3. Project funding levels will be tiered 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 commitments
from AHC under previous guidelines shall be granted the opportunity to
request additional capital subsidies under these revised conditions

 
JUSTIFICATION:

The New York State Affordable Housing Corporation ("AMC") is a public
benefit corporation, established in 1985 pursuant to Section 45-b of the
Private Housing Finance Law ("PHFL") as a subsidiary of the New York
State Housing Finance Agency ("HFA"), to administer the Affordable Home
Ownership Development Program ("Program") under PHFL Article 19. The
purpose of the Program is to promote homeownership by persons of low and
moderate income, which, in turn, fosters the development, stabilization
and preservation of neighborhoods and communities. To achieve these
goals, AHC provides financial assistance, in conjunction with other
private and public investment, for the construction, acquisition, reha-
bilitation and improvement of owner-occupied housing.

 
FISCAL IMPLICATIONS FOR STATE AND LOCAL GOVERNMENTS:

The cost to the state and localities in lost revenues due to the special
benefits would be offset through new construction resulting in increased
income tax, partial property tax and mortgage recording tax collections.

 
PRIOR LEGISLATIVE HISTORY:

New bill

 
EFFECTIVE DATE:
This act shall take effect immediately.

2017-S7063A - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  7063--A
 
                             I N  S E N A T E
 
                                (PREFILED)
 
                              January 3, 2018
                                ___________
 
 Introduced by Sens. BAILEY, AVELLA, BENJAMIN, COMRIE, HAMILTON, HOYLMAN,
   KENNEDY,  MONTGOMERY, PERALTA, PERSAUD, SAVINO, STAVISKY -- read twice
   and ordered printed, and when printed to be committed to the Committee
   on  Housing,  Construction  and  Community  Development  --  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
 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

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD09879-02-8

 S. 7063--A                          2
 
 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

2017-S7063B (ACTIVE) - Details

See Assembly Version of this Bill:: A6494
Current Committee:: Senate Rules
Law Section:: Private Housing Finance Law
Laws Affected:: Amd §1112, Priv Hous Fin L
Versions Introduced in Other Legislative Sessions:: 2019-2020: S1824, A6277
2021-2022: S3372, A4341

2017-S7063B (ACTIVE) - Summary

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

2017-S7063B (ACTIVE) - Sponsor Memo

                                
 
BILL NUMBER: S7063B

SPONSOR: BAILEY
 
TITLE OF BILL:  An act to amend the private housing finance law, in
relation to affordable housing corporation grants

 
PURPOSE OR GENERAL IDEA:

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

 
SUMMARY OF SPECIFIC PROVISIONS:

This amendment to the Private Housing Finance Law Article XIX Section
1112 and related sections that would reflect the following changes:

Section 1. Increases subsidy availability for projects in high cost
markets from $40,000 per dwelling unit to up to $75,000/du

Section 2. Requires resale restrictions for no less than 60 years and no
more than 99 years for projects seeking more than $40,000/du through

deed restrictions, community land trusts, or limited-equity cooperative
ownership structures.

Section 3. Establishes that the corporation shall establish tiered
project funding levels based on length and depth of affordability.

Section 4. Establishes that projects in pre-development that have
already received commitments from ABC under previous guidelines shall be
granted the opportunity to request additional capital subsidies under
these revised conditions

 
JUSTIFICATION:

The New York State Affordable Housing Corporation ("AMC") is a public
benefit corporation, established in 1985 pursuant to Section 45-b of the
Private Housing Finance Law ("PHFL") as a subsidiary of the New York
State Housing Finance Agency ("HFA"), to administer the Affordable Home
Ownership Development Program ("Program") under PHFL Article 19. The
purpose of the Program is to promote homeownership by persons of low and
moderate income, which, in turn, fosters the development, stabilization
and preservation of neighborhoods and communities. To achieve these
goals, AHC provides financial assistance, in conjunction with other
private and public investment, for the construction, acquisition, reha-
bilitation and improvement of owner-occupied housing. This program has
not been adjusted to reflect the increased cost of construction over the
past 30 years. This bill would support affordable homeownership.

 
PRIOR LEGISLATIVE HISTORY:

New bill.

 
FISCAL IMPLICATIONS:

The cost to the state and localities in lost revenues due to the special
benefits would be offset through new construction resulting in increased
income tax, partial property tax and mortgage recording tax collections.

 
EFFECTIVE DATE:
This act shall take effect immediately.

2017-S7063B (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  7063--B
     Cal. No. 1308
 
                             I N  S E N A T E
 
                                (PREFILED)
 
                              January 3, 2018
                                ___________
 
 Introduced  by  Sens. BAILEY, AVELLA, BENJAMIN, BOYLE, COMRIE, HAMILTON,
   HOYLMAN,  KENNEDY,  KRUEGER,  MONTGOMERY,  PERALTA,  PERSAUD,  SAVINO,
   STAVISKY  --  read  twice  and ordered printed, and when printed to be
   committed to the Committee  on  Housing,  Construction  and  Community
   Development  --  committee discharged, bill amended, ordered reprinted
   as amended and recommitted to said  committee  --  reported  favorably
   from  said committee, ordered to first and second report, ordered to a
   third reading, amended and ordered reprinted, retaining its  place  in
   the order of third reading
 
 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

 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD09879-06-8

 S. 7063--B                          2
 
 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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Senate Bill S7063B

Sponsored By

Archive: Last Bill Status - In Senate Committee Rules Committee

May 22, 2018 - Housing, Construction And Community Development Committee Vote

Housing, Construction And Community Development Committee Vote: May 22, 2018

Bill Amendments

co-Sponsors

2017-S7063 - Details

2017-S7063 - Summary

2017-S7063 - Sponsor Memo

2017-S7063 - Bill Text download pdf

co-Sponsors

2017-S7063A - Details

2017-S7063A - Summary

2017-S7063A - Sponsor Memo

2017-S7063A - Bill Text download pdf

co-Sponsors

2017-S7063B (ACTIVE) - Details

2017-S7063B (ACTIVE) - Summary

2017-S7063B (ACTIVE) - Sponsor Memo

2017-S7063B (ACTIVE) - Bill Text download pdf

Comments

Senate Bill S7063B

Share this bill

Sponsored By

Archive: Last Bill Status - In Senate Committee Rules Committee

Bill Amendments

co-Sponsors

2017-S7063 - Details

2017-S7063 - Summary

2017-S7063 - Sponsor Memo

2017-S7063 - Bill Text download pdf

co-Sponsors

2017-S7063A - Details

2017-S7063A - Summary

2017-S7063A - Sponsor Memo

2017-S7063A - Bill Text download pdf

co-Sponsors

2017-S7063B (ACTIVE) - Details

2017-S7063B (ACTIVE) - Summary

2017-S7063B (ACTIVE) - Sponsor Memo

2017-S7063B (ACTIVE) - Bill Text download pdf

Comments