Makes provisions with respect to affordable housing within the city of Yonkers; provides funds of twenty-five thousand dollars in the affordable housing development account for new construction of affordable housing within the city of Yonkers and acquisition of existing housing stock cooperatives, condominiums and fee simple multi-family housing where appropriate.
STATE OF NEW YORK
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7491
2025-2026 Regular Sessions
IN ASSEMBLY
March 28, 2025
___________
Introduced by M. of A. PRETLOW -- read once and referred to the Commit-
tee on Housing
AN ACT to amend the private housing finance law, in relation to afforda-
ble home ownership development contracts within the city of Yonkers
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. Subdivision 1 of section 1112 of the private housing
2 finance law, as amended by chapter 777 of the laws of 2021, is amended
3 to read as follows:
4 1. Within the limit of funds available in the affordable housing
5 development account, the corporation is hereby authorized to enter into
6 contracts with eligible applicants to provide grants which such appli-
7 cants shall use to finance affordable home ownership development
8 programs subject to the terms and conditions of this article. Any grants
9 received by a municipality hereunder shall not be deemed to be municipal
10 funds. Grantees shall utilize funds provided pursuant to this article
11 solely as payments, grants and loans to owners to reduce the costs of
12 new construction, rehabilitation or home improvement or the cost of
13 acquisition, but only where such acquisition is part of an affordable
14 home ownership development program or project to construct or rehabili-
15 tate homes, or as otherwise authorized by law. Such financial assistance
16 may be in the form of loans, participation in loans including but not
17 limited to participation in loans originated or financed by lending
18 institutions as defined in section forty-two of this chapter, private or
19 public employee pension funds or the state of New York mortgage agency,
20 or grants, on such terms and conditions as the grantee with the approval
21 of the corporation shall determine, provided that no such payments,
22 grants and loans shall exceed the lesser of (i) sixty percent of the
23 project cost for projects involving acquisition or one hundred percent
24 of rehabilitation programs without an acquisition component or (ii) the
25 following per dwelling unit limitations (A) fifty thousand dollars for
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD10707-01-5
A. 7491 2
1 projects except as provided in subparagraph (B) of this paragraph or (B)
2 up to seventy-five thousand dollars for a high cost project or a project
3 which will receive a loan from the federal farmers home administration
4 or (C) twenty-five thousand dollars for new construction within the city
5 of Yonkers of affordable housing and acquisition within the city of
6 Yonkers of existing housing stock cooperatives, condominiums and fee
7 simple multi-family housing where appropriate. Up to ten percent of the
8 program or project cost may be used for grantee operating expenses
9 including expenses related to the organization operating support and
10 administration of the contract. Among the criteria the corporation shall
11 consider in determining whether a project is a high cost project are:
12 average cost of construction in the area, location of the project, and
13 the impact of the additional funding on the affordability of the project
14 for the occupants of such project. No more than fifty percent of the
15 total amount appropriated pursuant to this article in any fiscal year
16 shall be allocated to homes located within any single municipality.
17 § 2. This act shall take effect immediately.
