New York Assembly Bill A04544 Latest Draft

   
  STATE OF NEW YORK ________________________________________________________________________ 4544 2023-2024 Regular Sessions  IN ASSEMBLY February 16, 2023 ___________ 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 777 of the laws of 2021, is amended 3 to 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) fifty thousand dollars for EXPLANATION--Matter in italics (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD09502-01-3 
 A. 4544 2 1 projects except as provided in subparagraph (B) of this paragraph or (B) 2 up to seventy-five thousand dollars for a high cost project or a project 3 which will receive a loan from the federal farmers home administration 4 or (C) twenty-five thousand dollars for new construction within the city 5 of Yonkers of affordable housing and acquisition within the city of 6 Yonkers of existing housing stock cooperatives, condominiums and fee 7 simple multi-family housing where appropriate. Up to ten percent of the 8 program or project cost may be used for grantee operating expenses 9 including expenses related to the organization operating support and 10 administration of the contract. Among the criteria the corporation shall 11 consider in determining whether a project is a high cost project are: 12 average cost of construction in the area, location of the project, and 13 the impact of the additional funding on the affordability of the project 14 for the occupants of such project. No more than fifty percent of the 15 total amount appropriated pursuant to this article in any fiscal year 16 shall be allocated to homes located within any single municipality. 17 § 2. This act shall take effect immediately.