New York State Assembly

 
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A08589 Summary:

A08589 Actions:

A08589 Committee Votes:

Committee:HOUSING   Chair:Rosenthal      
DATE:05/28/2025AYE/NAY:27/0  Action: Favorable refer to committee Ways and Means        
Rosenthal
Aye
Novakhov
Aye
Cook
Aye
Fitzpatrick
Aye
Kim
Aye
Brown K 
Aye
Walker
Aye
Brown EA
Aye
Bichotte Hermel
Aye
Brook-Krasny
Aye
Davila
Excused
Chang
Aye
Epstein
Aye
Maher
Aye
Eichenstein
Aye
Norber
Aye
Meeks
Aye
Burdick
Aye
Rivera
Aye
Jackson
Aye
Kelles
Aye
Tapia
Aye
Lucas
Aye
Chandler-Waterm
Aye
Lee
Aye
Levenberg
Aye
Dais
Aye
Torres
Aye

Committee:WAYS AND MEANS   Chair:Pretlow      
DATE:05/29/2025AYE/NAY:34/0  Action: Favorable refer to committee Rules        
Pretlow
Aye
Ra
Aye
Glick
Aye
Fitzpatrick
Aye
Colton
Aye
Hawley
Aye
Cook
Aye
Blankenbush
Aye
Benedetto
Aye
Palmesano
Aye
Weprin
Aye
Walsh
Aye
Ramos
Aye
DeStefano
Aye
Braunstein
Aye
Manktelow
Aye
McDonald
Aye
Smullen
Aye
Rozic
Aye
Giglio
Aye
Dinowitz
Aye
Magnarelli
Aye
Bronson
Aye
Dilan
Aye
Seawright
Excused
Hyndman
Aye
Walker
Aye
Bichotte Hermel
Aye
Simon
Aye
Cruz
Aye
Otis
Aye
Solages
Aye
Hunter
Aye
Epstein
Aye
Septimo
Aye

Committee:RULES   Chair:Glick      
DATE:06/04/2025AYE/NAY:28/0  Action: Favorable         
Heastie
Excused
Barclay
Aye
Pretlow
Aye
Hawley
Aye
Cook
Aye
Blankenbush
Aye
Glick
Aye
Ra
Aye
Dinowitz
Aye
Brabenec
Aye
Colton
Aye
Palmesano
Aye
Magnarelli
Excused
Reilly
Aye
Paulin
Aye
Smith
Excused
Peoples-Stokes
Aye
Jensen
Aye
Benedetto
Aye
Lavine
Aye
Lupardo
Aye
Braunstein
Aye
Davila
Aye
Hyndman
Aye
Rozic
Aye
Bronson
Aye
Hevesi
Aye
Hunter
Aye
Taylor
Aye
Cruz
Aye
Vanel
Aye

A08589 Floor Votes:

A08589 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          8589
 
                               2025-2026 Regular Sessions
 
                   IN ASSEMBLY
 
                                      May 21, 2025
                                       ___________
 
        Introduced  by M. of A. HOOKS -- (at request of the New York State Homes
          and Community Renewal) -- read once and referred to the  Committee  on
          Housing
 
        AN  ACT  to  amend  the  private housing finance law, in relation to the
          amount of funds that may  be  used  per  dwelling  unit  to  modernize
          certain authorities used by the housing trust fund corporation
 
          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  1102  of  the  private  housing
     2  finance  law,  as amended by chapter 235 of the laws of 2021, is amended
     3  to read as follows:
     4    1. Within the limit of funds  available  in  the  housing  trust  fund
     5  account,  the  corporation  is hereby authorized to enter into contracts
     6  with eligible applicants for the furnishing by such applicants of  hous-
     7  ing  for  persons  of  low income. Each such contract shall provide that
     8  eligible applicants rehabilitate or construct one or  more  projects  or
     9  convert  one  or  more  nonresidential  properties.  Such  contracts may
    10  provide for payments, grants or loans by the corporation for the  activ-
    11  ities  to  be  carried out by the eligible applicant under the contract.
    12  Such contracts shall provide that a private  developer  make  an  equity
    13  investment  of  the  greater  of (i) two and one-half percent of project
    14  costs or (ii) five percent of project costs less grants which are to  be
    15  applied to such costs. The foregoing shall not preclude a private devel-
    16  oper  from  making  a greater equity investment. Any payments, grants or
    17  loans made by the corporation outstanding at the time of resale shall be
    18  subject to repayment in whole or in part upon resale  after  termination
    19  of  the regulatory period and as otherwise provided therein. Such repay-
    20  ment provisions may survive the  end  of  the  regulatory  period.  Such
    21  contracts  may provide that eligible applicants shall either (a) perform
    22  activities specified under the contract themselves or (b) act as  admin-
    23  istrators  of  a  program  under  which  projects  are  rehabilitated or
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD10170-01-5
        A. 8589                             2
 
     1  constructed or nonresidential properties are converted by other eligible
     2  applicants or (c) perform both such functions. In the case of a  munici-
     3  pality  acting  as an administrator, funds provided to such municipality
     4  hereunder  shall  not  be deemed to be municipal funds.  The corporation
     5  shall refer any request for payments, grants or loans  from  persons  of
     6  low  income  to  eligible  applicants  in the area in which such persons
     7  reside. Loans may be in the form of participation in loans including but
     8  not limited to participation in loans originated or financed by  lending
     9  institutions  as defined in section forty-two of this chapter, the state
    10  of New York mortgage agency,  the  New  York  city  housing  development
    11  corporation,  the  New  York  state housing finance agency or private or
    12  public employee pension funds. Notwithstanding any  other  provision  of
    13  law,  payments,  grants  and  loans  may be deposited by the corporation
    14  directly with a lending institution at or before  the  time  of  initial
    15  loan  closing pursuant to an escrow agreement satisfactory to the corpo-
    16  ration. Payments, grants and loans shall be on such terms and conditions
    17  as the corporation, or the eligible applicant with the approval  of  the
    18  corporation,  as  the case may be, shall determine. Payments, grants and
    19  loans shall be used to pay for the actual and necessary cost of acquisi-
    20  tion, construction, rehabilitation or conversion, provided that not more
    21  than fifty percent of such payments, grants and loans received  for  the
    22  rehabilitation,  construction or conversion of a project may be used for
    23  the cost of the project's acquisition and not more than ten  percent  of
    24  such  payments,  grants  and  loans  may be used for the rehabilitation,
    25  construction or conversion of community service facilities and, provided
    26  further, that payments, grants or loans shall not be used  for  (i)  the
    27  administrative  costs  of  an  eligible  applicant  except  as otherwise
    28  authorized by law, (ii)  the  cost  of  the  acquisition,  construction,
    29  conversion  or  rehabilitation of residential units which, subsequent to
    30  such acquisition, construction, conversion or rehabilitation, are to  be
    31  occupied by persons other than persons of low income, and (iii) the cost
    32  of  the acquisition, construction, conversion or rehabilitation of units
    33  which, subsequent to such acquisition, construction, conversion or reha-
    34  bilitation, are occupied or to be occupied for  other  than  residential
    35  purposes, except for community service facilities as described above. No
    36  such  payments,  grants  or  loans  shall exceed a total of [one hundred
    37  twenty-five] two hundred fifty thousand dollars per  dwelling  unit,  or
    38  such  amount  of  additional  funds  as the corporation may determine in
    39  accordance with this subdivision. Among  the  criteria  the  corporation
    40  shall  consider  in determining whether to provide additional funds are:
    41  average cost of construction in the area, location of  the  project  and
    42  the impact of the additional funding on the affordability of the project
    43  for the occupants of such project. The length of any loan provided under
    44  this article shall not exceed forty years. No more than fifty percent of
    45  the total amount originally appropriated pursuant to this article in any
    46  fiscal  year  shall  be  allocated to projects located within any single
    47  municipality. Of the amount originally appropriated to  the  corporation
    48  in  any  fiscal  year,  no  more than thirty-three and one-third percent
    49  shall be allocated to private developers for projects within a city with
    50  a population of one million or more. Of the amount originally  appropri-
    51  ated  to  the  corporation in any fiscal year, no more than thirty-three
    52  and one-third percent shall  be  allocated  to  private  developers  for
    53  projects  in the area outside cities with a population of one million or
    54  more.
    55    § 2. This act shall take effect immediately.