Senate Bill S7589A

2023-2024 Legislative Session

Authorizes cities and towns, except New York city, to establish community housing funds

download bill text pdf

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Current Bill Status - In Senate Committee Local Government 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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Bill Amendments

2023-S7589 - Details

See Assembly Version of this Bill:
A7496
Current Committee:
Senate Local Government
Law Section:
General Municipal Law
Laws Affected:
Add §6-w, Gen Muni L; add Art 33-C §§1575 - 1589, Tax L

2023-S7589 - Summary

Authorizes cities and towns, except a city with a population of one million or more, to establish community housing funds; authorizes such cities and towns to impose a real estate transfer tax with revenues to be deposited in such funds; makes related provisions.

2023-S7589 - Sponsor Memo

2023-S7589 - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   7589
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                               June 30, 2023
                                ___________
 
 Introduced  by  Sen.  RYAN  --  read twice and ordered printed, and when
   printed to be committed to the Committee on Rules
 
 AN ACT to amend the general municipal law, in  relation  to  authorizing
   cities  and  towns,  except a city with a population of one million or
   more, to establish community housing funds; and to amend the tax  law,
   in  relation  to  authorizing  cities  and towns, except a city with a
   population of one million or more, to impose a  real  estate  transfer
   tax with revenues therefrom to be deposited in such funds
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. The general municipal  law  is  amended  by  adding  a  new
 section 6-w to read as follows:
   §  6-W.  COMMUNITY  HOUSING  FUND.  1.  DEFINITIONS.  AS  USED IN THIS
 SECTION, THE FOLLOWING WORDS AND TERMS SHALL HAVE  THE  FOLLOWING  MEAN-
 INGS:
   (A)  "CITY  OR  TOWN" MEANS A CITY, EXCEPT A CITY WITH A POPULATION OF
 ONE MILLION OR MORE, OR A TOWN.
   (B) "COMMUNITY HOUSING" MEANS A PRIMARY RESIDENTIAL  PROPERTY  FOR  AN
 ELIGIBLE  INDIVIDUAL.  THE GOVERNING BODY SHALL ESTABLISH, BY LOCAL LAW,
 PURCHASE PRICE LIMIT FOR COMMUNITY HOUSING, PROVIDED  THAT  LIMIT  SHALL
 NOT EXCEED ONE HUNDRED FIFTY PERCENT OF THE PURCHASE PRICE LIMITS ESTAB-
 LISHED  BY  THE STATE OF NEW YORK MORTGAGE AGENCY LOW INTEREST RATE LOAN
 PROGRAM IN NON-TARGET  CATEGORIES  FOR  THE  COUNTY  IN  EFFECT  ON  THE
 CONTRACT  DATE  FOR  THE  SALE OF SUCH PROPERTY. COMMUNITY HOUSING SHALL
 INCLUDE APARTMENTS THAT ARE ACCESSORY TO A LEGALLY ESTABLISHED  RESIDEN-
 TIAL OR COMMERCIAL USE.
   (C)  "BOARD"  MEANS THE ADVISORY BOARD CREATED PURSUANT TO SUBDIVISION
 SIX OF THIS SECTION.
   (D) "FUND" MEANS THE COMMUNITY HOUSING  FUND  AUTHORIZED  PURSUANT  TO
 SUBDIVISION TWO OF THIS SECTION.

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD11023-01-3
 S. 7589                             2
              

2023-S7589A (ACTIVE) - Details

See Assembly Version of this Bill:
A7496
Current Committee:
Senate Local Government
Law Section:
General Municipal Law
Laws Affected:
Add §6-w, Gen Muni L; add Art 33-C §§1575 - 1589, Tax L

2023-S7589A (ACTIVE) - Summary

Authorizes cities and towns, except a city with a population of one million or more, to establish community housing funds; authorizes such cities and towns to impose a real estate transfer tax with revenues to be deposited in such funds; makes related provisions.

2023-S7589A (ACTIVE) - Sponsor Memo

2023-S7589A (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  7589--A
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                               June 30, 2023
                                ___________
 
 Introduced  by  Sen.  RYAN  --  read twice and ordered printed, and when
   printed to be committed to the Committee on Rules  --  recommitted  to
   the  Committee  on  Local Government in accordance with Senate Rule 6,
   sec. 8 -- committee discharged, bill  amended,  ordered  reprinted  as
   amended and recommitted to said committee

 AN  ACT  to  amend the general municipal law, in relation to authorizing
   cities and towns, except a city with a population of  one  million  or
   more,  to  establish community housing funds; to amend the tax law, in
   relation to authorizing cities and towns, except a city with  a  popu-
   lation  of  one  million or more, to impose a real estate transfer tax
   with revenues therefrom to be deposited in such funds;  and  providing
   for the repeal of certain provisions of law relating thereto
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. The general municipal  law  is  amended  by  adding  a  new
 section 6-w to read as follows:
   §  6-W.  COMMUNITY  HOUSING  FUND.  1.  DEFINITIONS.  AS  USED IN THIS
 SECTION, THE FOLLOWING WORDS AND TERMS SHALL HAVE  THE  FOLLOWING  MEAN-
 INGS:
   (A)  "CITY  OR  TOWN" MEANS A CITY, EXCEPT A CITY WITH A POPULATION OF
 ONE MILLION OR MORE, OR A TOWN.
   (B) "COMMUNITY HOUSING" MEANS A PRIMARY RESIDENTIAL  PROPERTY  FOR  AN
 ELIGIBLE  INDIVIDUAL.  THE GOVERNING BODY SHALL ESTABLISH, BY LOCAL LAW,
 PURCHASE PRICE LIMIT FOR COMMUNITY HOUSING, PROVIDED  THAT  LIMIT  SHALL
 NOT EXCEED ONE HUNDRED FIFTY PERCENT OF THE PURCHASE PRICE LIMITS ESTAB-
 LISHED  BY  THE STATE OF NEW YORK MORTGAGE AGENCY LOW INTEREST RATE LOAN
 PROGRAM IN NON-TARGET  CATEGORIES  FOR  THE  COUNTY  IN  EFFECT  ON  THE
 CONTRACT  DATE  FOR  THE  SALE OF SUCH PROPERTY. COMMUNITY HOUSING SHALL
 INCLUDE APARTMENTS THAT ARE ACCESSORY TO A LEGALLY ESTABLISHED  RESIDEN-
 TIAL OR COMMERCIAL USE.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD11023-03-4
 S. 7589--A                          2
              

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