Bill Text: NY A09826 | 2015-2016 | General Assembly | Introduced

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Bill Title: Relates to establishing the community restoration fund.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2016-04-12 - referred to housing [A09826 Detail]

Download: New_York-2015-A09826-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                          9826
                   IN ASSEMBLY
                                     April 12, 2016
                                       ___________
        Introduced  by M. of A. HYNDMAN -- read once and referred to the Commit-
          tee on Housing
        AN ACT to amend the state finance law, in relation to  establishing  the
          community restoration fund
          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:
     1    Section 1. Statement of legislative purpose and findings. The legisla-
     2  ture finds and declares that  New  York's  mortgage  foreclosure  crisis
     3  continues.  Many  New  Yorkers  are  still unable to meet their mortgage
     4  obligations. There are delays in  the  foreclosure  process,  homes  are
     5  sitting  vacant  or  in  a state of ill repair because of drawn out loan
     6  modification and foreclosures, neighborhoods with high concentrations of
     7  foreclosures are losing value and the owners are losing equity.    Fore-
     8  closures  that  were  the  result  of the real estate downturn and great
     9  recession will continue to be a problem within the state.  The  legisla-
    10  ture  finds that it is necessary to create a statewide program to stabi-
    11  lize communities throughout the state by: (i) avoiding foreclosures  and
    12  ameliorating the effects of the mortgage foreclosure crisis; (ii) elimi-
    13  nating  blighted  properties  and  vacant lots that bring down community
    14  values and create attractive nuisances within communities; (iii) restor-
    15  ing property tax income to counties  and  towns;  and  (iv)  maintaining
    16  affordable  housing.    Accordingly  the  legislature hereby creates the
    17  community restoration fund.
    18    § 2. Definitions. As used in this act, the following words and phrases
    19  shall have the following meanings:
    20    1. "Community development financial institution" or  "CDFI"  means  an
    21  organization  located in this state which has been certified as a commu-
    22  nity development financial institution by the federal community develop-
    23  ment financial institutions fund, as established pursuant to  12  U.S.C.
    24  4701 et seq.
    25    2.  "Fund manager" means a New York-based Community Development Finan-
    26  cial Institution ("CDFI") fund manager.
    27    3. "Program manager" means a property holding company  that  will  own
    28  and manage the assets purchased through the community restoration fund.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD11044-02-5