Assembly Bill A1401

2023-2024 Legislative Session

Enacts the "accessory dwelling unit incentive act"

download bill text pdf

Sponsored By

Current 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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2023-A1401 (ACTIVE) - Details

See Senate Version of this Bill:
S9090
Current Committee:
Assembly Housing
Law Section:
Private Housing Finance Law
Laws Affected:
Add Art 32 §§1290 - 1292, Priv Hous Fin L; amd §606, Tax L; add §463, RPT L
Versions Introduced in 2021-2022 Legislative Session:
A9872

2023-A1401 (ACTIVE) - Summary

Enacts the "accessory dwelling unit incentive act" to establish the accessory dwelling unit forgivable loan program by the division of homes and community renewal; defines terms; makes related provisions.

2023-A1401 (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   1401
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 17, 2023
                                ___________
 
 Introduced  by  M.  of A. THIELE, PAULIN, MAGNARELLI, DAVILA, BURDICK --
   read once and referred to the Committee on Housing
 
 AN ACT to amend the private housing finance law, the  tax  law  and  the
   real  property tax law, in relation to enacting the accessory dwelling
   unit incentive act

   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  Short  title. This act shall be known and may be cited as
 the "accessory dwelling unit incentive act".
   § 2. The private housing finance law is amended by adding a new  arti-
 cle 32 to read as follows:
                                ARTICLE 32
              ACCESSORY DWELLING UNIT FORGIVABLE LOAN PROGRAM
 
 SECTION 1290. LEGISLATIVE FINDINGS AND PURPOSE.
         1291. DEFINITIONS.
         1292. ACCESSORY DWELLING UNIT FORGIVABLE LOAN PROGRAM.
   § 1290. LEGISLATIVE FINDINGS AND PURPOSE. THE LEGISLATURE HEREBY FINDS
 THAT  ACCORDING TO A 2019 REPORT FROM THE STATE COMPTROLLER, MILLIONS OF
 RENTERS AND HOMEOWNERS IN OUR STATE STRUGGLE WITH HIGH HOUSING COSTS. AS
 OF 2017, NEARLY 2.8 MILLION NEW YORK HOUSEHOLDS FACED HOUSING COSTS THAT
 WERE 30 PERCENT OR MORE OF THEIR INCOME, A COMMONLY  ACCEPTED  BENCHMARK
 FOR  HOUSING AFFORDABILITY. ALMOST HALF OF ALL RENTERS AND MORE THAN ONE
 IN FOUR HOMEOWNERS WERE IN  THIS  CATEGORY,  ACCORDING  TO  U.S.  CENSUS
 BUREAU  DATA.  BASED  ON CRITERIA USED BY THE U.S. DEPARTMENT OF HOUSING
 AND URBAN DEVELOPMENT, MORE THAN 1.3 MILLION HOUSEHOLDS - INCLUDING MORE
 THAN ONE OF EVERY FOUR RENTERS - WERE  "SEVERELY  BURDENED"  BY  HOUSING
 COSTS  OF  HALF  OR  MORE  OF THEIR INCOME. HIGH HOUSING COSTS MAY FORCE
 FAMILIES AND INDIVIDUALS TO REDUCE OR FOREGO OTHER  NECESSITIES.    MANY
 FIND  IT IMPOSSIBLE TO PUT ASIDE SAVINGS FOR EMERGENCY NEEDS, COLLEGE OR
 RETIREMENT. SOME MAY FACE EVICTION OR CONCLUDE THEIR ONLY CHOICE  IS  TO
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD05689-01-3
              

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