A04262 Summary:

BILL NO    A04262 

SAME AS    No same as

SPONSOR    Fitzpatrick (MS)

COSPNSR    

MLTSPNSR   

Amd S58-a, Pub Hous L

Authorizes the purchase of dwelling units in public housing projects by
residents thereof in certain instances; provides for the availability of loans
for such purchase and technical assistance to prepare resident management
associations undertaking the management of such project.

A04262 Actions:

BILL NO    A04262 

02/02/2009 referred to housing
01/06/2010 referred to housing

A04262 Votes:

A04262 Memo:

 BILL NUMBER:  A4262

 TITLE OF BILL :  An act to amend the public housing law, in relation
to the purchase of dwelling units by residents of public housing
projects

 PURPOSE OR GENERAL IDEA OF BILL :  To allow tenants of public housing
projects to purchase their dwelling units.

 SUMMARY OF SPECIFIC PROVISIONS :  This bill would add a new
subdivision (3) to S58-a of the Public Housing Law to give tenants of
public housing projects the opportunity to purchase their dwelling
units. Tenants could purchase their dwelling units if they have lived
in public housing projects for not less than two years, have resided
in their dwelling unit for not less than a year, and have been found
by the Commissioner of the Department of Housing and Community Renewal
to be capable of assuming the responsibilities of homeownership. In
addition, for said purchase to occur, the Commissioner would have to
determine that the purchase would not interfere with the right of
other residents in the projects or would not harm the efficient
operation of such project. Purchase of such dwelling unit would also
entitle the tenant to a fixed percentage of the common elements.

The price for any purchase of a dwelling unit could not exceed 25
percent of the fair market value of the property involved. The public
housing authority involved would also be authorized to make a loan on
the security of the property to the purchasing resident at a rate
which could not exceed 70 percent of the market interest rate. If the
purchasing tenant in turn sells the apartment before the expiration of
a five year period, the purchaser would have to pay a fixed percentage
of the sale price to the appropriate public housing authority.
Finally, upon the purchase of all the dwelling units of a project by
the tenants, the authority is authorized to turn over their management
and maintenance functions to a resident management association which
shall have been provided training and technical assistance by the
Commissioner and by the authority to undertake the aforementioned
functions.

 EFFECTS OF PRESENT LAW WHICH THIS BILL WOULD ALTER :  This bill would
add a new subdivision (3) to S58-a of the Public Housing Law.

 JUSTIFICATION :  This bill extends the idea of owning a home to low
income residents of public housing projects. The residents of these
projects thus acquire an equity stake in the future of their building
and hence their neighborhood. If successful, this program could help
revitalize some of New York's most blighted neighborhoods by drawing
on the strengths of residents to tackle the problems of their own
community.

 PRIOR LEGISLATIVE HISTORY :
2008 - A.4028 - Held in Housing
2006 - A.9582 - Held in Housing

 EFFECTIVE DATE :
This act shall take effect immediately.