NY State Senate Bill 2023-S5561

Senate Bill S5561

2023-2024 Legislative Session

Creates a pilot program to encourage homeownership among persons and groups who are currently underrepresented and/or have seen a marked decline in rates of homeownership

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Archive: Last Bill Status - In Senate Committee Housing, Construction And Community Development 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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Actions

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	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Jan 03, 2024	referred to housing, construction and community development
Mar 08, 2023	referred to housing, construction and community development

2023-S5561 (ACTIVE) - Details

Current Committee:: Senate Housing, Construction And Community Development
Law Section:: Housing
Versions Introduced in Other Legislative Sessions:: 2019-2020: S5748
2021-2022: S5492

2023-S5561 (ACTIVE) - Summary

Creates a pilot program to encourage homeownership among persons and groups who are currently underrepresented in homeownership and/or have seen a marked decline in rates of homeownership over the last decade; provides for the repeal of such provisions upon the expiration thereof.

2023-S5561 (ACTIVE) - Sponsor Memo

                                 
BILL NUMBER: S5561

SPONSOR: COMRIE
 
TITLE OF BILL:

An act to create a pilot program to encourage homeownership among
persons and groups who are currently underrepresented in homeownership
and/or have seen a marked decline in rates of homeownership over the
last decade; and providing for the repeal of such provisions upon expi-
ration thereof

 
PURPOSE OR GENERAL IDEA:

Relates to affordable housing corporation grants by increasing the
amount that can be granted through acquisition and rehabilitation for
the purpose of downpayment assistance.

 
SUMMARY OF SPECIFIC PROVISIONS:

Section 1. Increases subsidy availability for projects in high cost
markets for the purposes of acquisition and rehabilitation from $40,000
per dwelling unit to up to $75,000 per dwelling unit.

Section 2. Clarifies the geographic scope of the pilot and who shall be
served through the pilot.

Section 3. Sets the amount of funding to be made available for the pilot
and for what purposes.

Section 4. Enumerates other organizations that may participate in this
program.

Sections 5 & 6. Details reporting requirements. Section 7. Effective
Date.

 
JUSTIFICATION:

The New York State Affordable Housing Corporation ("AMC") is a public
benefit corporation, established in 1965 pursuant to Section 45-b of the
Private Housing Finance Law ("PHFL") as a subsidiary of the New York
State Housing Finance Agency ("HFA"), to administer the Affordable Home
Ownership Development Program ("Program") under PHFL Article 19. The
purpose of the Pilot is to promote homeownership by persons of low aid
moderate income who have seen their opportunities for homeownership
diminish in recent years due to the escalating cost of housing, which
has not kept pace with incomes. Homeownership is a key component for the
stabilization and preservation of neighborhoods and communities. To
achieve these goals, AHC provides financial assistance, in conjunction
with other private and public investment, for the construction, acquisi-
tion, rehabilitation and improvement of owner-occupied housing. This
bill would support affordable homeownership.

 
PRIOR LEGISLATIVE HISTORY:

2021: S5492

 
FISCAL IMPLICATIONS:

To be determined.
 
EFFECTIVE DATE:
This act shall take effect immediately and expire April 1, 2024.

2023-S5561 (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   5561
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                               March 8, 2023
                                ___________
 
 Introduced  by  Sen.  COMRIE -- read twice and ordered printed, and when
   printed to be committed to the Committee on Housing, Construction  and
   Community Development
 
 AN  ACT  to  create  a  pilot  program  to encourage homeownership among
   persons and groups who are currently underrepresented in homeownership
   and/or have seen a marked decline in rates of homeownership  over  the
   last  decade;  and  providing  for  the repeal of such provisions upon
   expiration thereof
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Notwithstanding any other provision of law to the contrary,
 the  division  of  homes  and community renewal, in conjunction with the
 office of community renewal  and  the  affordable  housing  corporation,
 shall  conduct  a  pilot program to provide people in New York state who
 are  presently  and  who  have  been  historically  underrepresented  in
 homeownership  with  the resources they need, including outreach, educa-
 tion, and financial assistance, to achieve the dream of homeownership in
 a sustainable manner.
   § 2. Such pilot program shall be conducted in three areas  around  our
 state  that  have  seen declines in homeownership among underrepresented
 persons and groups.  The division of homes and community  renewal  shall
 choose  the  three  areas  in which the pilot program will be conducted,
 considering such factors  including,  but  not  limited  to,  population
 growth among underrepresented persons or groups that is not reflected in
 an  increase in homeownership among those same persons and groups, popu-
 lation changes that have resulted in  displacement  of  underrepresented
 persons and groups, and declines in homeownership among underrepresented
 persons or groups during the period since the financial crisis of 2008.
   § 3. Such pilot program shall make use of up to two million dollars of
 existing  funding  from the affordable housing corporation, section 45-b
 of the private housing finance law, to ensure equity in the  utilization
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD03913-01-3

 S. 5561                             2
 
 of  currently  available  downpayment  assistance funding and to promote
 homeownership more broadly to low- and moderate-income residents of  New
 York  state, and shall increase the amount of the downpayment assistance
 to  up  to $75,000 per eligible homebuyer as is needed and deemed neces-
 sary without imposing an increase to the existing regulatory period.
   § 4. The division of homes and community renewal  shall  also  utilize
 the state's existing network of nonprofit housing organizations, includ-
 ing,  but not limited to, the Neighborhood and Rural Preservation Compa-
 nies, local community development  corporations,  and  other  community-
 based  housing  organizations,  that  provide  financial  management and
 housing counseling services to support low- and moderate-income homebuy-
 ers.
   § 5. The division of homes and community renewal shall issue  a  joint
 report  on  the status of the pilot program to the chair of the New York
 state senate standing committee on housing, construction  and  community
 development,  and  the  chair  of  the  New York state assembly standing
 committee on housing by December 31, 2023.
   § 6. Such report shall include, but not be limited to, the  status  of
 the  program,  the areas identified for the pilot, the nonprofit housing
 organizations identified as service providers, and the number of  people
 participating in the program.
   §  7. This act shall take effect immediately and shall expire April 1,
 2024 when upon such date the provisions of  this  act  shall  be  deemed
 repealed.

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