Bill Text: NY A00795 | 2017-2018 | General Assembly | Introduced

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Bill Title: Makes provisions with respect to affordable housing within the city of Yonkers; provides funds of twenty-five thousand dollars in the affordable housing development account for new construction of affordable housing within the city of Yonkers and acquisition of existing housing stock cooperatives, condominiums and fee simple multi-family housing where appropriate.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2018-01-03 - referred to housing [A00795 Detail]

Download: New_York-2017-A00795-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                           795
                               2017-2018 Regular Sessions
                   IN ASSEMBLY
                                     January 9, 2017
                                       ___________
        Introduced  by M. of A. PRETLOW -- read once and referred to the Commit-
          tee on Housing
        AN ACT to amend the private housing finance law, in relation to afforda-
          ble home ownership development contracts within the city of Yonkers
          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:
     1    Section  1.  Subdivision  1  of  section  1112  of the private housing
     2  finance law, as amended by chapter 64 of the laws of 2012, is amended to
     3  read as follows:
     4    1. Within the limit of  funds  available  in  the  affordable  housing
     5  development  account, the corporation is hereby authorized to enter into
     6  contracts with eligible applicants to provide grants which  such  appli-
     7  cants  shall  use  to  finance  affordable  home  ownership  development
     8  programs subject to the terms and conditions of this article. Any grants
     9  received by a municipality hereunder shall not be deemed to be municipal
    10  funds.  Grantees shall utilize funds provided pursuant to  this  article
    11  solely  as  payments,  grants and loans to owners to reduce the costs of
    12  new construction, rehabilitation or home  improvement  or  the  cost  of
    13  acquisition,  but  only  where such acquisition is part of an affordable
    14  home ownership development program or project to construct or  rehabili-
    15  tate homes, or as otherwise authorized by law. Such financial assistance
    16  may  be  in  the form of loans, participation in loans including but not
    17  limited to participation in loans  originated  or  financed  by  lending
    18  institutions as defined in section forty-two of this chapter, private or
    19  public  employee pension funds or the state of New York mortgage agency,
    20  or grants, on such terms and conditions as the grantee with the approval
    21  of the corporation shall determine,  provided  that  no  such  payments,
    22  grants  and  loans  shall  exceed the lesser of (i) sixty percent of the
    23  project cost for projects involving acquisition or one  hundred  percent
    24  of  rehabilitation programs without an acquisition component or (ii) the
    25  following per dwelling unit limitations (A) thirty-five thousand dollars
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD05211-01-7
        A. 795                              2
     1  for projects except as provided in item (B) of this clause or (B)  forty
     2  thousand dollars for a high cost project or a project which will receive
     3  a  loan  from the federal farmers home administration or (C) twenty-five
     4  thousand  dollars  for  new  construction  within the city of Yonkers of
     5  affordable housing and acquisition within the city of Yonkers of  exist-
     6  ing housing stock cooperatives, condominiums and fee simple multi-family
     7  housing  where appropriate.  Up to ten percent of the program or project
     8  cost may be used  for  grantee  operating  expenses  including  expenses
     9  related  to the organization operating support and administration of the
    10  contract. Among the criteria the corporation shall consider in determin-
    11  ing whether a project is a  high  cost  project  are:  average  cost  of
    12  construction in the area, location of the project, and the impact of the
    13  additional funding on the affordability of the project for the occupants
    14  of  such project.  No more than fifty percent of the total amount appro-
    15  priated pursuant to this article in any fiscal year shall  be  allocated
    16  to homes located within any single municipality.
    17    § 2.  This act shall take effect immediately.