NY State Senate Bill 2023-S2837

Senate Bill S2837

2023-2024 Legislative Session

Establishes the resilient New York revolving loan program and the resilient New York revolving loan fund

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Current Bill Status - In Senate Committee Veterans, Homeland Security And Military Affairs 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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	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Jan 03, 2024	referred to veterans, homeland security and military affairs
Jan 25, 2023	referred to veterans, homeland security and military affairs

co-Sponsors

2023-S2837 (ACTIVE) - Details

See Assembly Version of this Bill:: A3782
Current Committee:: Senate Veterans, Homeland Security And Military Affairs
Law Section:: Executive Law
Laws Affected:: Add §29-l, Exec L; add §99-qq, St Fin L
Versions Introduced in 2021-2022 Legislative Session:: S8853, A10325

2023-S2837 (ACTIVE) - Summary

Establishes the resilient New York revolving loan program and the resilient New York revolving loan fund to provide low or no-interest loans to municipalities, not-for-profit organizations, and individual property owners for hazard mitigation and resilience projects; provides funding from federal STORM Act.

2023-S2837 (ACTIVE) - Sponsor Memo

                                 
BILL NUMBER: S2837

SPONSOR: BRESLIN
 
TITLE OF BILL:

An act to amend the executive law, in relation to the resilient New York
revolving loan program; and to amend the state finance law, in relation
to establishing the resilient New York revolving loan fund

 
PURPOSE OR GENERAL IDEA OF BILL:

The bill creates a revolving loan program to finance natural hazard
mitigation projects by amending the Executive and state Finance law.

 
SUMMARY OF PROVISIONS:

Section 1. This section establishes the loan program by creating a new
section, 29.1, the New York Resilient Revolving Loan Program.

The section describes how the loan program can be used to meet the
nonfederal match requirement for federal grant funded projects

This section describes how loans can be made to property owners to
finance the execution of building level natural hazard mitigation
projects for wind, earthquake, fire and flood.

This section describes a low to moderate income forgivability parameters
based on income levels and numbers of individuals in a household.

This section describes the processes to provide a forgivable loan to
income disadvantaged property owners.

This section directs the Office of Emergency Management to establish an
application procedure for the loans.

This section describes the processes for the state to get a loan program
capitalization grant from FEMA to establish the program.

Section 2. This section amends the state finance law by the creation of
a new section, 99-pp. This section identifies the custody of the New
York Resilient Revolving Loan Program by the Office of the State Comp-
troller and the Division of Homeland Security and emergency services.

Section 3. Effective Date.

 
JUSTIFICATION:

The changing climate is resulting in sea level rise and more frequent
and more intense storm events. As a result, natural hazard risks of
flood, wind and fire are increasing. The increase in risk and actual
damaging events are resulting in increasing damages to our communities
and large numbers of insurance claims. The increasing risk is resulting
in insurance rates increasing beyond the capability of families to
afford. New York State has hundreds of thousands of older high flood
risk buildings in FEMA flood zones that must be retro fitted, elevated
or dry flood proofed in order to become flood resilient. The execution
of hazard risk reduction projects reduces hazard risk and insurance
premium rates. The mitigation projects employ professional architects

and structural engineers and all of the professional construction
trades.

 
PRIOR LEGISLATIVE HISTORY:

S8853 - 2021/22

 
FISCAL IMPLICATIONS FOR STATE LOCAL GOVERNMENTS:

None

 
EFFECTIVE DATE:
Immediately

2023-S2837 (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   2837
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                             January 25, 2023
                                ___________
 
 Introduced  by Sens. BRESLIN, HELMING -- read twice and ordered printed,
   and when printed to be committed to the Committee on  Veterans,  Home-
   land Security and Military Affairs
 
 AN ACT to amend the executive law, in relation to the resilient New York
   revolving  loan  program;  and  to  amend  the  state  finance law, in
   relation to establishing the resilient New York revolving loan fund
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  The executive law is amended by adding a new section 29-l
 to read as follows:
   § 29-L. RESILIENT NEW YORK REVOLVING LOAN PROGRAM.   1. THE  DIVISION,
 IN  CONJUNCTION WITH THE COMPTROLLER, SHALL ESTABLISH AND ADMINISTER THE
 RESILIENT NEW YORK REVOLVING LOAN PROGRAM AS PROVIDED IN THIS SECTION.
   2. (A) THE RESILIENT NEW YORK REVOLVING LOAN PROGRAM SHALL PROVIDE LOW
 OR NO-INTEREST LOANS TO MUNICIPALITIES AND NOT-FOR-PROFIT  ORGANIZATIONS
 FOR HAZARD MITIGATION AND RESILIENCE PROJECTS, INCLUDING BUT NOT LIMITED
 TO, BUILDING RESILIENT INFRASTRUCTURES AND COMMUNITIES, FLOOD MITIGATION
 ASSISTANCE, FLOOD RISK REDUCTION PROJECTS SUCH AS LEVEES, CLOSURES, PUMP
 STATIONS  AND  NON-STRUCTURAL  PROJECTS LIKE ELEVATION AND WET/DRY FLOOD
 PROOFING OR ANY ADAPTION OR MITIGATION  PROJECTS  INCLUDED  PURSUANT  TO
 SECTION 54-1523 OF THE ENVIRONMENTAL CONSERVATION LAW.
   (B) LOANS MAY ALSO BE GRANTED TO INDIVIDUAL PROPERTY OWNERS TO PROVIDE
 THE FINANCING FOR NATURAL HAZARD MITIGATION PROJECTS SUCH AS WIND RETRO-
 FITS, FLOOD MITIGATION ELEVATION AND WET OR DRY FLOOD-PROOFING PROJECTS,
 FIRE  MITIGATION  RETROFIT  PROJECTS, AND EARTHQUAKE RETROFIT MITIGATION
 PROJECTS. THESE LOANS MAY BE ATTACHED TO PROPERTY  TAXES,  ALLOWING  FOR
 THE  PROPERTY  TO  BE SOLD SO LONG AS THE NEW OWNER AGREES TO ASSUME THE
 DEBT OBLIGATION.
   (C) LOANS PROVIDED UNDER THIS SECTION MAY BE USED TO SATISFY THE  NON-
 FEDERAL MATCH FOR FEDERAL MITIGATION GRANTS.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD04446-01-3
 S. 2837                             2

 
   3. (A) THE DIVISION SHALL, TAKING INTO CONSIDERATION REQUIREMENTS FROM
 THE STORM ACT, ESTABLISH APPLICATION PROCEDURES AND ELIGIBILITY CRITERIA
 FOR  LOANS  FROM  THE RESILIENT NEW YORK REVOLVING LOAN FUND ESTABLISHED
 PURSUANT TO SECTION NINETY-NINE-QQ OF THE STATE FINANCE LAW. THE  ELIGI-
 BILITY CRITERIA SHALL REQUIRE THAT MUNICIPALITIES, NOT-FOR-PROFIT ORGAN-
 IZATIONS, AND INDIVIDUAL PROPERTY OWNER APPLICANTS DEMONSTRATE:
   (1) A NEED FOR A LOAN TO ADDRESS HAZARD MITIGATION; AND
   (2) THE ABILITY TO REPAY THE LOAN, IF REQUIRED, AT A LATER DATE.
   (B) LOANS PROVIDED PURSUANT TO THIS SECTION SHALL BE FOR A FIXED PERI-
 OD.
   (C) THE LOAN PROGRAM SHALL ALSO PROVIDE GRADUATED FORGIVABILITY AVAIL-
 ABLE  TO  ELIGIBLE INDIVIDUAL PROPERTY OWNER RECIPIENTS THAT SHALL, AT A
 MINIMUM:
   (1) PROVIDE FULL LOAN FORGIVENESS FOR ELIGIBLE HOUSEHOLDS WITH  INCOME
 BETWEEN  EIGHTY  PERCENT AND FIFTY PERCENT OF THE AREA MEDIAN INCOME FOR
 THE AREA IN WHICH THE PROPERTY TO WHICH THE LOAN APPLIES, IS LOCATED.
   (2) PROVIDE FIFTY PERCENT LOAN  FORGIVENESS  FOR  ELIGIBLE  HOUSEHOLDS
 WITH  INCOME  EQUAL TO EIGHTY PERCENT TO ONE HUNDRED PERCENT OF THE AREA
 MEDIAN INCOME FOR THE AREA IN WHICH  THE  PROPERTY  TO  WHICH  THE  LOAN
 APPLIES, IS LOCATED.
   (3)  PROVIDE  ADDITIONAL FORGIVABILITY PERCENTAGES FOR HOUSEHOLDS WITH
 INCOMES NOT WITHIN THOSE ADDRESSED IN THIS PARAGRAPH MAY BE  APPLIED  BY
 THE DIVISION BASED ON:
   I.  THE  NUMBER OF ELIGIBLE INDIVIDUAL RECIPIENTS PARTICIPATING IN THE
 PROGRAM AUTHORIZED UNDER THIS SECTION;
   II. THE AVAILABILITY OF FUNDING; AND
   III. ANY OTHER FACTOR THAT THE DIVISION FINDS  REASONABLE  AND  NECES-
 SARY.
   4.  SUCH  PROGRAM  SHALL  BE  IN ADDITION TO ANY FUNDS PROVIDED BY THE
 FEDERAL GOVERNMENT AND EXPENDED OR PROVIDED  THROUGH  THE  DIVISION  FOR
 DISASTER RECOVERY AND RELIEF.
   5.  (A)  THE  COMMISSIONER  SHALL  SUBMIT  TO  FEMA AN APPLICATION FOR
 CAPITALIZATION GRANT FUNDING, TOGETHER WITH ALL REQUIRED  PROPOSALS  AND
 INFORMATION REQUIRED PURSUANT TO THE STORM ACT OR REGULATIONS PROMULGAT-
 ED THERETO.
   (B)  UPON  APPROVAL OF SUCH APPLICATION, THE DIVISION SHALL ENTER INTO
 AN AGREEMENT WITH FEMA TO DEPOSIT THE CAPITALIZATION GRANT FUNDING  INTO
 THE RESILIENT NEW YORK REVOLVING LOAN FUND.
   6.  FOR  THE  PURPOSES OF THIS SECTION, THE FOLLOWING TERMS SHALL HAVE
 THE FOLLOWING MEANINGS:
   (A) "CAPITALIZATION GRANT" MEANS FUNDS PROVIDED BY FEMA TO THE DEPART-
 MENT FOR THE ESTABLISHMENT OF THE RESILIENT NEW YORK REVOLVING LOAN FUND
 IN ACCORDANCE WITH THE PROVISIONS OF SECTION 5135(F) OF THE STORM ACT.
   (B) "COMMISSIONER" MEANS THE COMMISSIONER OF THE DIVISION OF  HOMELAND
 SECURITY AND EMERGENCY SERVICES.
   (C)  "DIVISION"  MEANS THE DIVISION OF HOMELAND SECURITY AND EMERGENCY
 SERVICES.
   (D) "FEMA" MEANS THE FEDERAL EMERGENCY MANAGEMENT ADMINISTRATION.
   (E) "STORM ACT" MEANS THE FEDERAL "SAFEGUARDING TOMORROW THROUGH ONGO-
 ING RISK MANAGEMENT ACT", 42 U.S.C. SECTION 5135  ET  SEQ.,  ENACTED  BY
 PUBLIC  LAW 116-284, AND APPROVED ON JANUARY FIRST, TWO THOUSAND TWENTY-
 ONE.
   § 2. The state finance law is amended by adding a new section 99-qq to
 read as follows:
   § 99-QQ. RESILIENT NEW YORK REVOLVING LOAN FUND.  1. THERE  IS  HEREBY
 ESTABLISHED  IN  THE  JOINT  CUSTODY  OF  THE  STATE COMPTROLLER AND THE
 S. 2837                             3
 
 COMMISSIONER OF THE DIVISION OF HOMELAND SECURITY AND EMERGENCY SERVICES
 A SPECIAL FUND TO BE KNOWN AS THE "RESILIENT  NEW  YORK  REVOLVING  LOAN
 FUND"  TO  BE  ADMINISTERED  IN ACCORDANCE WITH THIS SECTION AND SECTION
 TWENTY-NINE-L OF THE EXECUTIVE LAW.
   2.  THE FUND SHALL CONSIST OF ALL MONEYS APPROPRIATED FOR ITS PURPOSE,
 ALL MONEYS TRANSFERRED TO SUCH FUND PURSUANT TO LAW, ALL MONEY  RECEIVED
 FROM  FEMA UNDER THE STORM ACT, ANY REPAYMENTS OF PRINCIPAL AND INTEREST
 FROM THE RESILIENT NEW YORK REVOLVING LOAN PROGRAM ADMINISTERED PURSUANT
 TO SECTION TWENTY-NINE-L OF THE EXECUTIVE  LAW,  AND  ALL  OTHER  MONEYS
 REQUIRED BY THIS SECTION OR ANY OTHER LAW TO BE PAID INTO OR CREDITED TO
 THIS FUND.
   3.  MONEYS  IN  SUCH FUND SHALL BE KEPT SEPARATE FROM AND SHALL NOT BE
 COMMINGLED WITH ANY OTHER MONEYS IN THE CUSTODY OF  THE  COMPTROLLER  OR
 THE  COMMISSIONER  OF  TAXATION AND FINANCE.  ANY MONEYS OF THE FUND NOT
 REQUIRED FOR IMMEDIATE USE MAY, AT THE DISCRETION OF THE COMPTROLLER, IN
 CONSULTATION WITH THE DIRECTOR OF THE BUDGET, BE INVESTED BY  THE  COMP-
 TROLLER  IN  OBLIGATIONS  OF THE UNITED STATES OR THE STATE, OR IN OBLI-
 GATIONS THE PRINCIPAL AND INTEREST ON WHICH ARE GUARANTEED BY THE UNITED
 STATES OR BY THE STATE. ANY INCOME EARNED  BY  THE  INVESTMENT  OF  SUCH
 MONEYS  SHALL BE ADDED TO AND BECOME A PART OF AND SHALL BE USED FOR THE
 PURPOSES OF SUCH FUND.
   4. MONEY EXPENDED FROM SUCH FUND SHALL BE USED TO SUPPLEMENT  AND  NOT
 SUPPLANT  OR  REPLACE  ANY  OTHER  AVAILABLE  RECOVERY  OR RELIEF FUNDS,
 INCLUDING FEDERAL OR STATE FUNDING,  WHICH  WOULD  OTHERWISE  HAVE  BEEN
 EXPENDED  FOR  REIMBURSEMENT  OR  APPROPRIATED  TO LOCAL GOVERNMENTS FOR
 NATURAL HAZARD MITIGATION OR RESILIENCE PROJECTS.
   5. THE MONIES OF THE FUND SHALL BE PAID OUT, WITHOUT APPROPRIATION, ON
 THE AUDIT AND WARRANT OF THE STATE COMPTROLLER ON VOUCHERS CERTIFIED  OR
 APPROVED  BY  THE  COMMISSIONER OF THE DIVISION OF HOMELAND SECURITY AND
 EMERGENCY SERVICES AS PROVIDED IN SECTION TWENTY-NINE-L OF THE EXECUTIVE
 LAW. THE COMPTROLLER SHALL, IN CONSULTATION WITH THE COMMISSIONER OF THE
 DIVISION OF HOMELAND SECURITY AND EMERGENCY SERVICES, PRESCRIBE BY REGU-
 LATION THE MANNER IN WHICH MONEYS OF THE FUND SHALL  BE  DISTRIBUTED  TO
 ELIGIBLE APPLICANTS.
   § 3. This act shall take effect immediately.

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Senate Bill S2837

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Sponsored By

Neil D. Breslin