Bill Text: NY A04496 | 2017-2018 | General Assembly | Introduced
Bill Title: Creates a middle income home ownership subsidy program to assist persons with an income below the current median income for the city of New York with the purchase of a residence in an urban area.
Spectrum: Partisan Bill (Democrat 9-0)
Status: (Introduced - Dead) 2018-01-03 - referred to housing [A04496 Detail]
Download: New_York-2017-A04496-Introduced.html
STATE OF NEW YORK ________________________________________________________________________ 4496 2017-2018 Regular Sessions IN ASSEMBLY February 2, 2017 ___________ Introduced by M. of A. BLAKE, COLTON, MOSLEY, BARRON, COOK, JOYNER -- read once and referred to the Committee on Housing AN ACT to amend the public housing law, in relation to creating a middle income home ownership subsidy program The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. The public housing law is amended by adding a new article 2 11-A to read as follows: 3 ARTICLE 11-A 4 MIDDLE INCOME HOME OWNERSHIP SUBSIDY 5 Section 250. Definitions. 6 251. Middle income home ownership subsidy program. 7 252. Applications. 8 253. Amount and procedure for middle income home ownership 9 subsidy payments. 10 254. Rules and regulations. 11 255. Funding for the middle income home ownership subsidy 12 program. 13 § 250. Definitions. For purposes of this article, the following terms 14 shall have the following meanings: 15 1. "Eligible unit" shall mean: 16 a. any (i) home with two or fewer units; (ii) condominium; or (iii) 17 cooperative; 18 b. where the purchase of such home, condominium, or cooperative is 19 provided for, insured, or guaranteed by the state or federal government; 20 c. located in an urban area as defined by the division. 21 2. "Qualified household" shall mean any person or his or her family 22 member who: 23 a. has an annual household income below the current median income for 24 the city of New York, provided, that any subsidy received as a result of 25 a social program shall not be considered when calculating an individ- EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD00164-01-7A. 4496 2 1 ual's gross income. The division shall determine income eligibility of 2 home buyers using the income determination methodology utilized by the 3 United States department of housing and urban development in accordance 4 with their section 8 housing program. 5 b. does not currently own a housing unit, including a single family 6 house, condominium unit, cooperative unit, or rental unit that could be 7 owner occupied; 8 c. has not previously received home ownership assistance. 9 § 251. Middle income home ownership subsidy program. There is hereby 10 established a middle income home ownership subsidy program. The purpose 11 of the program is to provide financial assistance to middle income 12 households, with an annual income below the current median income for 13 the city of New York who do not currently own a home, to purchase an 14 eligible unit for purposes of rehabilitation and ownership. 15 § 252. Applications. 1. A qualified household must make an application 16 to the division to receive a home ownership subsidy. 17 2. The division shall approve an individual's application if it finds 18 that: 19 a. such individual is part of a qualified household as defined in 20 subdivision two of section two hundred fifty of this article; 21 b. the home to be purchased by the individual is an eligible unit as 22 defined in subdivision one of section two hundred fifty of this article; 23 c. the home to be purchased has been inspected by a division approved 24 home inspector; 25 d. the home to be purchased has been appraised at a value not exceed- 26 ing the maximum purchase price as set by the division. 27 3. If any qualified household that has been approved and is receiving 28 home ownership assistance payments defaults on its mortgage payment, 29 such home ownership subsidy payments shall automatically cease and be 30 terminated. 31 § 253. Amount and procedure for middle income home ownership subsidy 32 payments. Subsidy amounts under this program shall equal more than one 33 hundred twenty-five thousand dollars in the aggregate. 34 § 254. Rules and regulations. 1. The division is authorized to imple- 35 ment any rule or regulation necessary for the successful implementation 36 of this program. 37 2. The division may create any form and require any applicant to fill 38 out such form before receiving departmental approval for the home owner- 39 ship assistance payments. 40 3. The division may charge an application fee for the processing of a 41 household's home ownership assistance payment application. Such fee 42 shall not exceed one hundred dollars. 43 § 255. Funding for the middle income home ownership subsidy program. 44 Funding shall be obtained by using funds from the community development 45 block grant. 46 § 2. This act shall take effect on the one hundred eightieth day after 47 it shall have become a law; provided, however, that effective immediate- 48 ly, the addition, amendment and/or repeal of any rule or regulation 49 necessary for the timely implementation of this act on its effective 50 date is hereby authorized and directed to be made on or before such 51 effective date.
