Provides for a Vacant Lot Development program to provide low interest financing for vacant lots in cities with a population of one million or more; appropriates $20,000,000 therefor.
STATE OF NEW YORK
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6847
2013-2014 Regular Sessions
IN ASSEMBLY
April 19, 2013
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Introduced by M. of A. BOYLAND -- read once and referred to the Commit-
tee on Cities
AN ACT to establish the Vacant Lot Development program and making an
appropriation therefor
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. There is hereby established a Vacant Lot Development
2 program. Such program shall be funded by the state and shall provide low
3 interest financing for new construction projects upon vacant in-fill
4 lots in cities with a population of one million or more. Such financing
5 shall be available to developers for economically feasible projects
6 which dedicate at least seventy-five percent occupancy for persons of
7 low income whose income does not exceed fifty percent of the median
8 income for the metropolitan statistical area in which the project is
9 located. Under the program, a person may borrow up to 70,000 dollars
10 per unit for residential dwellings not to exceed three stories with a
11 maximum of 270,000 dollars available for any interested person. The rate
12 of interest for each such loan shall be fixed at three percent. If the
13 person borrowing under the program is a developer, such person shall
14 repay the entire amount of the loan together with interest within one
15 year from the date on which the loan monies were made available to such
16 person. If the person borrowing under the program is not a developer,
17 such person shall repay the entire amount of the loan together with
18 interest within twenty years from the date on which the loan monies were
19 made available to such person; provided that such person shall reside at
20 the residential dwelling for which such loan was made available for five
21 continuous years from the date on which the loan monies were made avail-
22 able to such person.
23 § 2. The sum of twenty million dollars ($20,000,000), or so much ther-
24 eof as may be necessary, is hereby appropriated to the Vacant Lot Devel-
25 opment program established under section one of this act out of any
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD10340-01-3
A. 6847 2
1 monies in the state treasury in the general fund to the credit of the
2 local assistance account not otherwise appropriated for the purpose of
3 providing low interest financing for new construction upon vacant
4 in-fill lots in cities with a population of one million or more. Such
5 sum shall be payable on the audit and warrant of the state comptroller
6 on vouchers certified or approved by the director of management and
7 budget of the city of New York. No expenditure shall be made from this
8 appropriation until a certificate of approval of availability shall have
9 been issued by the director of the budget and filed with the state comp-
10 troller and a copy filed with the chairman of the senate finance commit-
11 tee and the chairman of the assembly ways and means committee. Such
12 certificate may be amended from time to time by the director of the
13 budget and a copy of each such amendment shall be filed with the state
14 comptroller, the chairman of the senate finance committee and the chair-
15 man of the assembly ways and means committee.
16 § 3. This act shall take effect immediately.
