A05817 Summary:

BILL NO    A05817 

SAME AS    No same as

SPONSOR    Fitzpatrick (MS)

COSPNSR    McKevitt

MLTSPNSR   Saladino

Amd SS1100 & 1101 & 1102, Priv Hous Fin L

Includes moderate rehabilitation within the definition of project for the
purposes of the low income housing trust fund program; defines moderate
rehabilitation project as any occupied residential property or portion thereof
which if vacant or underoccupied would qualify as a cooperative project,
condominium project, homesteading project or rental project.

A05817 Actions:

BILL NO    A05817 

02/20/2009 referred to housing
01/06/2010 referred to housing

A05817 Votes:

A05817 Memo:

 BILL NUMBER:  A5817

 TITLE OF BILL :  An act to amend the private housing finance law, in
relation to the low income housing trust fund program

 PURPOSE :

The bill authorizes the Housing Trust Fund Program to make grants or
loans for the moderate rehabilitation of occupied buildings.

 SUMMARY OF PROVISIONS :

This bill amends the Private Housing Finance Law to state that the
legislative findings and purpose for the Housing Trust Fund Program is
changed by adding a finding that there exists throughout the State a
significant number of occupied, as well as vacant or underutilized,
dwellings which are deteriorated, unsafe or substandard.

This legislation also authorizes the Housing Trust Fund Corporation
(HTFC) to fund Moderate Rehabilitation projects and eliminates for
such projects the existing requirement that structures eligible for
financing under the Trust Fund Program be vacant or under occupied.

 JUSTIFICATION :

Existing law limits the Housing Trust Fund Program to rehabilitating,
constructing, or converting only those properties that are vacant or
under occupied (i.e., less than 60 percent of legal occupancy).

The need for the rehabilitation of deteriorated, unsafe, or
substandard structures occupied by persons of low income exists
throughout the State, especially in rural areas. Authorizing the HTFC
to finance the improvement and repair of this housing will enable the
State to address the problems of substandard housing before a
structure becomes uninhabitable and, possibly, irreparable.

 LEGISLATIVE HISTORY :

2008 - A4096 - Held in Housing 2006 - A9590 - Held in Housing

 FISCAL IMPLICATIONS :

The moderate rehabilitation proposal will primarily be implemented
through participation loans, thus reducing the amount of public funds
necessary to complete such projects.

 EFFECTIVE DATE :
This act shall take effect immediately.