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.
STATE OF NEW YORK
________________________________________________________________________
6135
2025-2026 Regular Sessions
IN ASSEMBLY
February 26, 2025
___________
Introduced by M. of A. MEEKS -- read once and referred to the Committee
on Housing
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 preservation of permanently affordable single-family or multi-family
22 residences;
23 (b) all dwellings and units located on land owned by such nonprofit
24 corporation is sold to a qualified owner to be occupied as the qualified
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD08745-01-5
A. 6135 2
1 owner's primary residence or rented to persons or families of low income
2 as defined in subdivision nineteen of section two of this chapter; and
3 (c) the land owned by the nonprofit corporation, on which a dwelling
4 or unit sold to a qualified owner is situated, is leased by such corpo-
5 ration to the qualified owner for the convenient occupation and use of
6 such dwelling or unit for an initial term of ninety-nine years with
7 renewal rights under the same initial terms and conditions.
8 § 2. The private housing finance law is amended by adding a new
9 section 59-j to read as follows:
10 § 59-j. The New York state community land trust acquisition fund. The
11 affordable housing corporation, created by section forty-five-b of this
12 article, shall create and establish a special fund known as the New York
13 state community land trust acquisition fund and shall pay into this fund
14 any moneys which may be made available to such corporation for the
15 purposes of this fund from any source including but not limited to
16 moneys appropriated by and made available pursuant to appropriation by
17 the state and any income or interest earned by, or increment to, the
18 account due to the investment thereof or loans made pursuant to article
19 nineteen of this chapter. The moneys held in or credited to the acquisi-
20 tion fund established under this section shall be expended solely to
21 carry out the provisions of article nineteen of this chapter exclusively
22 for community land trusts as defined in subdivision nine of section
23 eleven hundred eleven of this chapter.
24 § 3. This act shall take effect immediately.
