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S02506 Summary:

Amd §1111, add §59-j, Priv Hous Fin L
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.
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S02506 Actions:

01/25/2023PRINT NUMBER 2506A
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S02506 Text:

                STATE OF NEW YORK
                               2023-2024 Regular Sessions
                    IN SENATE
                                    January 20, 2023
        Introduced by Sens. KAVANAGH, JACKSON -- read twice and ordered printed,
          and  when  printed  to  be  committed  to  the  Committee  on Housing,
          Construction and Community Development -- committee  discharged,  bill
          amended,  ordered reprinted as amended and recommitted to said commit-

        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
          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:
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.

        S. 2506--A                          2
     1    (a) such nonprofit corporation's primary purpose is the  creation  and
     2  preservation  of  permanently  affordable  single-family or multi-family
     3  residences;
     4    (b)  all  dwellings  and units located on land owned by such nonprofit
     5  corporation is sold to a qualified owner to be occupied as the qualified
     6  owner's primary residence or rented to persons or families of low income
     7  as defined in subdivision nineteen of section two of this chapter; and
     8    (c) the land owned by the nonprofit corporation, on which  a  dwelling
     9  or  unit sold to a qualified owner is situated, is leased by such corpo-
    10  ration to the qualified owner for the convenient occupation and  use  of
    11  such  dwelling  or  unit  for  an initial term of ninety-nine years with
    12  renewal rights under the same initial terms and conditions.
    13    § 2. The private housing finance  law  is  amended  by  adding  a  new
    14  section 59-j to read as follows:
    15    §  59-j. The New York state community land trust acquisition fund. The
    16  affordable housing corporation, created by section forty-five-b of  this
    17  article, shall create and establish a special fund known as the New York
    18  state community land trust acquisition fund and shall pay into this fund
    19  any  moneys  which  may  be  made  available to such corporation for the
    20  purposes of this fund from any  source  including  but  not  limited  to
    21  moneys  appropriated  by and made available pursuant to appropriation by
    22  the state and any income or interest earned by,  or  increment  to,  the
    23  account  due to the investment thereof or loans made pursuant to article
    24  nineteen of this chapter. The moneys held in or credited to the acquisi-
    25  tion fund established under this section shall  be  expended  solely  to
    26  carry out the provisions of article nineteen of this chapter exclusively
    27  for  community  land  trusts  as  defined in subdivision nine of section
    28  eleven hundred eleven of this chapter.
    29    § 3. This act shall take effect immediately.
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