Bill Text: NY S02506 | 2023-2024 | General Assembly | Introduced

New York Senate Bill 2506

NOTE: There are more recent revisions of this legislation. Read Latest Draft

Bill Title: Relates to creating a new acquisition fund for community land trusts located in New York state; provides that moneys of the fund shall be expended solely to carry out the affordable home ownership development program exclusively for community land trusts; defines community land trusts.

Spectrum: Partisan Bill (Democrat 4-0)

Status: (Introduced) 2024-01-29 - REPORTED AND COMMITTED TO FINANCE [S02506 Detail]

Download: New_York-2023-S02506-Introduced.html




                STATE OF NEW YORK
        ________________________________________________________________________

                                          2506

                               2023-2024 Regular Sessions

                    IN SENATE

                                    January 20, 2023
                                       ___________

        Introduced by Sens. KAVANAGH, JACKSON -- read twice and ordered printed,
          and  when  printed  to  be  committed  to  the  Committee  on Housing,
          Construction and Community Development

        AN ACT to amend the private housing finance law, in relation to creating
          a new acquisition fund for community land trusts located in  New  York
          state

          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:

     1    Section 1. Subdivision 2  of  section  1111  of  the  private  housing
     2  finance  law,  as amended by chapter 202 of the laws of 2010, is amended
     3  and a new subdivision 9 is added to read as follows:
     4    2. "Eligible applicant" shall mean a city, a town, a village, a  hous-
     5  ing  development fund company incorporated pursuant to article eleven of
     6  this chapter, any not-for-profit corporation or charitable  organization
     7  which has as one of its primary purposes the improvement of housing or a
     8  municipal  housing authority created pursuant to the public housing law,
     9  a community land trust as defined in subdivision nine of  this  section,
    10  or  a  public  benefit  corporation  formed to assist particular munici-
    11  palities with their housing, community development or renewal needs,  or
    12  a county, provided, however, that the county acts as an administrator of
    13  a  program  under  which  projects  are  constructed,  rehabilitated  or
    14  improved by other eligible applicants or acts in any other  capacity  as
    15  permitted by law.
    16    9.  For the purposes of this subdivision, "community land trust" shall
    17  mean  a corporation organized pursuant to the not-for-profit corporation
    18  law and exempt from taxation pursuant to section 501(c)(3) of the inter-
    19  nal revenue code that satisfies the following criteria:
    20    (a) such nonprofit corporation's primary purpose is the  creation  and
    21  maintenance  of  permanently  affordable  single-family  or multi-family
    22  residences;

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD07226-01-3
        S. 2506                             2

     1    (b) all dwellings and units located on land owned  by  such  nonprofit
     2  corporation is sold to a qualified owner to be occupied as the qualified
     3  owner's primary residence or rented to persons or families of low income
     4  as defined in subdivision ten of section twelve of this chapter; and
     5    (c)  the  land owned by the nonprofit corporation, on which a dwelling
     6  or unit sold to a qualified owner is situated, is leased by such  corpo-
     7  ration  to  the qualified owner for the convenient occupation and use of
     8  such dwelling or unit for an initial  term  of  ninety-nine  years  with
     9  renewal rights under the same initial terms and conditions.
    10    §  2.  The  private  housing  finance  law  is amended by adding a new
    11  section 59-j to read as follows:
    12    § 59-j. The New York state community land trust acquisition fund.  The
    13  affordable  housing corporation, created by section forty-five-b of this
    14  article, shall create and establish a special fund known as the New York
    15  state community land trust acquisition fund and shall pay into this fund
    16  any moneys which may be made  available  to  such  corporation  for  the
    17  purposes  of  this  fund  from  any  source including but not limited to
    18  moneys appropriated by and made available pursuant to  appropriation  by
    19  the  state  and  any  income or interest earned by, or increment to, the
    20  account due to the investment thereof or loans made pursuant to  article
    21  nineteen of this chapter. The moneys held in or credited to the acquisi-
    22  tion  fund  established  under  this section shall be expended solely to
    23  carry out the provisions of article nineteen of this chapter exclusively
    24  for community land trusts as defined  in  subdivision  nine  of  section
    25  eleven hundred eleven of this chapter.
    26    § 3. This act shall take effect immediately.