New York Assembly Bill A10385 Latest Draft

   
  STATE OF NEW YORK ________________________________________________________________________ 10385  IN ASSEMBLY May 21, 2024 ___________ Introduced by COMMITTEE ON RULES -- (at request of M. of A. Burgos) -- 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- 26 ual's gross income. The division shall determine income eligibility of 27 home buyers using the income determination methodology utilized by the EXPLANATION--Matter in italics (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD04421-01-3 
 A. 10385 2 1 United States department of housing and urban development in accordance 2 with their section 8 housing program. 3 b. does not currently own a housing unit, including a single family 4 house, condominium unit, cooperative unit, or rental unit that could be 5 owner occupied; 6 c. has not previously received home ownership assistance. 7 § 251. Middle income home ownership subsidy program. There is hereby 8 established a middle income home ownership subsidy program. The purpose 9 of the program is to provide financial assistance to middle income 10 households, with an annual income below the current median income for 11 the city of New York who do not currently own a home, to purchase an 12 eligible unit for purposes of rehabilitation and ownership. 13 § 252. Applications. 1. A qualified household must make an application 14 to the division to receive a home ownership subsidy. 15 2. The division shall approve an individual's application if it finds 16 that: 17 a. such individual is part of a qualified household as defined in 18 subdivision two of section two hundred fifty of this article; 19 b. the home to be purchased by the individual is an eligible unit as 20 defined in subdivision one of section two hundred fifty of this article; 21 c. the home to be purchased has been inspected by a division approved 22 home inspector; 23 d. the home to be purchased has been appraised at a value not exceed- 24 ing the maximum purchase price as set by the division. 25 3. If any qualified household that has been approved and is receiving 26 home ownership assistance payments defaults on its mortgage payment, 27 such home ownership subsidy payments shall automatically cease and be 28 terminated. 29 § 253. Amount and procedure for middle income home ownership subsidy 30 payments. Subsidy amounts under this program shall equal more than one 31 hundred twenty-five thousand dollars in the aggregate. 32 § 254. Rules and regulations. 1. The division is authorized to imple- 33 ment any rule or regulation necessary for the successful implementation 34 of this program. 35 2. The division may create any form and require any applicant to fill 36 out such form before receiving departmental approval for the home owner- 37 ship assistance payments. 38 3. The division may charge an application fee for the processing of a 39 household's home ownership assistance payment application. Such fee 40 shall not exceed one hundred dollars. 41 § 255. Funding for the middle income home ownership subsidy program. 42 Funding shall be obtained by using funds from the community development 43 block grant. 44 § 2. This act shall take effect on the one hundred eightieth day after 45 it shall have become a law. Effective immediately, the addition, amend- 46 ment and/or repeal of any rule or regulation necessary for the implemen- 47 tation of this act on its effective date are authorized to be made and 48 completed on or before such effective date.