NY State Senate Bill 2021-S8265

Senate Bill S8265

2021-2022 Legislative Session

Relates to creating a new acquisition fund for community land trusts located in New York state

download bill text pdf

Archive: Last Bill Status - In Senate Committee Finance 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

Please enter your contact information

First Name

Last Name

Email Address

A valid email address is required.

Home address is used to determine the senate district in which you reside. Your support or opposition to this bill is then shared immediately with the senator who represents you.

Optional services from the NY State Senate:

Create an account. An account allows you to officially support or oppose key legislation, sign petitions with a single click, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.

Include a custom message for your Senator? (Optional)

Enter a message to your senator. Many New Yorkers use this to share the reasoning behind their support or opposition to the bill. Others might share a personal anecdote about how the bill would affect them or people they care about.

Actions

View Actions

	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Mar 02, 2022	reported and committed to finance
Feb 07, 2022	referred to housing, construction and community development

Votes

- Mar 2, 2022 - Housing, Construction And Community Development Committee Vote
  S8265
  
  11
  
  Aye
  
  0
  
  Nay
  
  0
  
  Aye with Reservations
  
  0
  
  Absent
  
  0
  
  Excused
  
  0
  
  Abstained
  - - Housing, Construction And Community Development Committee Vote: Mar 2, 2022
      
      aye (11)
      
      Boyle
      
      Brisport
      
      Helming
      
      Jackson
      
      Kavanagh
      
      Mannion
      
      Martucci
      
      Myrie
      
      Rivera
      
      Ryan
      
      Salazar

co-Sponsors

2021-S8265 (ACTIVE) - Details

Current Committee:: Senate Finance
Law Section:: Private Housing Finance Law
Laws Affected:: Amd §1111, add §59-j, Priv Hous Fin L
Versions Introduced in 2023-2024 Legislative Session:: S2506

2021-S8265 (ACTIVE) - Summary

Relates to creating a new acquisition fund for community land trusts located in New York state; provides that moneys of the fund shall be expended solely to carry out the affordable home ownership development program exclusively for community land trusts; defines community land trusts.

2021-S8265 (ACTIVE) - Sponsor Memo

                                 
BILL NUMBER: S8265

SPONSOR: KAVANAGH
 
TITLE OF BILL:

An act to amend the private housing finance law, in relation to creating
a new acquisition fund for community land trusts located in New York
state

 
PURPOSE:

The purpose of this bill is to promote housing stability and permanent
affordability, especially in communities that might otherwise be subject
to speculative investment in the private housing market that might
displace existing residents, by assisting community land trusts (CLTs)
in acquiring vacant land or housing in need of repair through a new New
York State CLT Acquisition Fund.

 
SUMMARY OF PROVISIONS:

Section 1 of the bill amends the law governing the Affordable Home
Ownership Development Program, Article 19 of the Private Housing Finance

Law, by amending subdivision 2 and adding a new subdivision 9 to section
1111, specifying that a community land trust as an eligible applicant
under the Program and defining a community land trust.

Section 2 amends the law governing the New York State Housing Finance
Agency, Article 3 of the Private Housing Finance Law, to add a new
section 59-J, creating a New York State CLT Acquisition Fund under the
authority of the Affordable Housing Corporation. The Affordable Housing
Corporation will have the ability to pay into this fund any moneys which
may be made available to it for the purposes of this fund from any
source including but not limited to moneys appropriated by and made
available pursuant to appropriation by the state and any income or
interest earned by, or increment to, the account due to the investment
thereof or loans made pursuant to article nineteen of this chapter. The
moneys held in or credited to the acquisition fund established under
this section shall be expended solely to carry out the provisions of
article nineteen of this chapter exclusively for community land trusts
as defined in Article 19, subdivision (9) of section 1111 of the private
housing finance law.

Section 3 sets forth the effective date.

 
JUSTIFICATION:

One of the largest expenses in creating and preserving affordable hous-
ing in New York is the cost of acquiring property. Currently, New York
state is seeing a growth of community land trusts, a network of not-for-
profit, democratically and community resident led organizations that
seek to preserve the long-term affordability of land in New York. Some
of these CLTs are expanding beyond a portfolio of dozens of units of
housing on deeply affordable land, and are ready to venture into acquir-
ing sites for this deeply collective, preservationist goal. For CLTs to
thrive, they must be able to leverage public housing funds like any
other incorporated non-for-profit. This bill would accomplish that goal.
By supporting the growth of the CLT movement through a dedicated funding
mechanism, the State government will be taking an important step toward
protecting housing stability and affordability of individual households
and whole communities that might otherwise be threatened by speculative
investment practices and displacement.

 
LEGISLATIVE HISTORY:

New bill.

 
FISCAL IMPLICATIONS FOR STATE AND LOCAL GOVERNMENTS:

Minimal impact on the State; any funding would be subject to appropri-
ation. No impact on local governments.

 
EFFECTIVE DATE:
This act shall take effect immediately.

2021-S8265 (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   8265
 
                             I N  S E N A T E
 
                             February 7, 2022
                                ___________
 
 Introduced  by Sen. KAVANAGH -- 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 creating
   a  new  acquisition fund for community land trusts located in New York
   state
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  Subdivision  2  of  section  1111  of the private housing
 finance law, as amended by chapter 202 of the laws of 2010,  is  amended
 and a new subdivision 9 is added to read as follows:
   2.  "Eligible applicant" shall mean a city, a town, a village, a hous-
 ing development fund company incorporated pursuant to article eleven  of
 this  chapter, any not-for-profit corporation or charitable organization
 which has as one of its primary purposes the improvement of housing or a
 municipal housing authority created pursuant to the public housing  law,
 A  COMMUNITY  LAND TRUST AS DEFINED IN SUBDIVISION NINE OF THIS SECTION,
 or a public benefit corporation  formed  to  assist  particular  munici-
 palities  with their housing, community development or renewal needs, or
 a county, provided, however, that the county acts as an administrator of
 a  program  under  which  projects  are  constructed,  rehabilitated  or
 improved  by  other eligible applicants or acts in any other capacity as
 permitted by law.
   9.  FOR THE PURPOSES OF THIS SUBDIVISION, "COMMUNITY LAND TRUST" SHALL
 MEAN A CORPORATION ORGANIZED PURSUANT TO THE NOT-FOR-PROFIT  CORPORATION
 LAW AND EXEMPT FROM TAXATION PURSUANT TO SECTION 501(C)(3) OF THE INTER-
 NAL REVENUE CODE THAT SATISFIES THE FOLLOWING CRITERIA:
   (A)  SUCH  NONPROFIT CORPORATION'S PRIMARY PURPOSE IS THE CREATION AND
 MAINTENANCE OF  PERMANENTLY  AFFORDABLE  SINGLE-FAMILY  OR  MULTI-FAMILY
 RESIDENCES;
   (B)  ALL  DWELLINGS  AND UNITS LOCATED ON LAND OWNED BY SUCH NONPROFIT
 CORPORATION IS SOLD TO A QUALIFIED OWNER TO BE OCCUPIED AS THE QUALIFIED
 OWNER'S PRIMARY RESIDENCE OR RENTED TO PERSONS OR FAMILIES OF LOW INCOME
 AS DEFINED IN SUBDIVISION TEN OF SECTION TWELVE OF THIS CHAPTER; AND
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

                                                            LBD14426-02-2
 S. 8265                             2
 
   (C) THE LAND OWNED BY THE NONPROFIT CORPORATION, ON WHICH  A  DWELLING
 OR  UNIT SOLD TO A QUALIFIED OWNER IS SITUATED, IS LEASED BY SUCH CORPO-
 RATION TO THE QUALIFIED OWNER FOR THE CONVENIENT OCCUPATION AND  USE  OF
 SUCH  DWELLING  OR  UNIT  FOR  AN INITIAL TERM OF NINETY-NINE YEARS WITH
 RENEWAL RIGHTS UNDER THE SAME INITIAL TERMS AND CONDITIONS.
   §  2.  The  private  housing  finance  law  is amended by adding a new
 section 59-j to read as follows:
   § 59-J. THE NEW YORK STATE COMMUNITY LAND TRUST ACQUISITION FUND.  THE
 AFFORDABLE  HOUSING CORPORATION, CREATED BY SECTION FORTY-FIVE-B OF THIS
 ARTICLE, SHALL CREATE AND ESTABLISH A SPECIAL FUND KNOWN AS THE NEW YORK
 STATE COMMUNITY LAND TRUST ACQUISITION FUND AND SHALL PAY INTO THIS FUND
 ANY MONEYS WHICH MAY BE MADE  AVAILABLE  TO  SUCH  CORPORATION  FOR  THE
 PURPOSES  OF  THIS  FUND  FROM  ANY  SOURCE INCLUDING BUT NOT LIMITED TO
 MONEYS APPROPRIATED BY AND MADE AVAILABLE PURSUANT TO  APPROPRIATION  BY
 THE  STATE  AND  ANY  INCOME OR INTEREST EARNED BY, OR INCREMENT TO, THE
 ACCOUNT DUE TO THE INVESTMENT THEREOF OR LOANS MADE PURSUANT TO  ARTICLE
 NINETEEN OF THIS CHAPTER. THE MONEYS HELD IN OR CREDITED TO THE ACQUISI-
 TION  FUND  ESTABLISHED  UNDER  THIS SECTION SHALL BE EXPENDED SOLELY TO
 CARRY OUT THE PROVISIONS OF ARTICLE NINETEEN OF THIS CHAPTER EXCLUSIVELY
 FOR COMMUNITY LAND TRUSTS AS DEFINED  IN  SUBDIVISION  NINE  OF  SECTION
 ELEVEN HUNDRED ELEVEN OF THIS CHAPTER.
   § 3. This act shall take effect immediately.

Comments

Open Legislation is a forum for New York State legislation. All comments are subject to review and community moderation is encouraged.

Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity, hate or toxic speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Attempts to intimidate and silence contributors or deliberately deceive the public, including excessive or extraneous posting/posts, or coordinated activity, are prohibited and may result in the temporary or permanent banning of the user. Comment moderation is generally performed Monday through Friday. By contributing or voting you agree to the Terms of Participation and verify you are over 13.

Create an account. An account allows you to sign petitions with a single click, officially support or oppose key legislation, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.

Senate Bill S8265

Share this bill

Sponsored By

Brian Kavanagh