S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   5865
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                              March 23, 2023
                                ___________
 
 Introduced  by M. of A. MEEKS -- read once and referred to the Committee
   on Housing
 
 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
 PRESERVATION  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
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD07226-03-3
              

 A. 5865                             2
 
 OWNER'S PRIMARY RESIDENCE OR RENTED TO PERSONS OR FAMILIES OF LOW INCOME
 AS DEFINED IN SUBDIVISION NINETEEN OF SECTION TWO OF THIS CHAPTER; AND
   (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.