Assembly Bill A6277A

2019-2020 Legislative Session

Relates to affordable housing corporation grants

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Sponsored By

Archive: Last Bill Status - On Floor Calendar


  • 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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Bill Amendments

co-Sponsors

multi-Sponsors

2019-A6277 - Details

See Senate Version of this Bill:
S1824
Law Section:
Private Housing Finance Law
Laws Affected:
Amd §1112, Priv Hous Fin L
Versions Introduced in Other Legislative Sessions:
2017-2018: A6494, S7063
2021-2022: A4341, S3372

2019-A6277 - Summary

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

2019-A6277 - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   6277
 
                        2019-2020 Regular Sessions
 
                           I N  A S S E M B L Y
 
                               March 4, 2019
                                ___________
 
 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.
              

co-Sponsors

multi-Sponsors

2019-A6277A (ACTIVE) - Details

See Senate Version of this Bill:
S1824
Law Section:
Private Housing Finance Law
Laws Affected:
Amd §1112, Priv Hous Fin L
Versions Introduced in Other Legislative Sessions:
2017-2018: A6494, S7063
2021-2022: A4341, S3372

2019-A6277A (ACTIVE) - Summary

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

2019-A6277A (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  6277--A
                                                         Cal. No. 257
 
                        2019-2020 Regular Sessions
 
                           I N  A S S E M B L Y
 
                               March 4, 2019
                                ___________
 
 Introduced  by M. of A. WALKER, AUBRY, DICKENS, PERRY, BARRON, WILLIAMS,
   SIMOTAS, COLTON, ORTIZ, ARROYO, WRIGHT, DenDEKKER,  NIOU,  DE LA ROSA,
   SIMON,  COOK,  ENGLEBRIGHT,  JEAN-PIERRE, TAYLOR, BLAKE -- Multi-Spon-
   sored by -- M. of A. HEVESI, LENTOL -- read once and referred  to  the
   Committee  on Housing -- advanced to a third reading, passed by Assem-
   bly and delivered to the Senate, recalled from the Senate, vote recon-
   sidered, bill amended, ordered reprinted, retaining its place  on  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,
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
              

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