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Who cares
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Sponsors
3 Co-sponsors
History
- Referred to judiciary
- Referred to judiciary
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
Title of bill
An act to amend the real property law, in relation to establishing the urban homestead act for commercial property
Purpose
Establishes the Urban Homestead Act for Commercial property.
Summary of provisions
New article 15 of the real property law is amended by adding section 470.
This section allows for the purchase of certain In Rem property, located in economically distressed urban areas, from municipalities for commercial homestead purposes. The commercial properties acquired by the municipality by foreclosure in economically distressed areas may be sold to eligible applicants of a small business to benefit the local economy. The property may be acquired by the applicant for one dollar.
Accountability is important in a program such as this, and therefore if the eligible applicant has not established the small business within six months after acquisition, the property shall revert back to the municipality. Additionally, the applicant must operate the business for one year, or the property shall revert back to municipality.
Effective date is the ninetieth day after it shall have become law.
Justification
There exists throughout New York state a significant number of dwellings, which are deteriorated and are vacant or underutilized. The creation of the Urban Homestead Act for Commercial properties would provide a mechanism to revitalize these buildings and subsequently enhance inner cities by focusing directly on the needs, aspirations and expectations of citizens and residents. As a means of increasing small business opportunities and strengthening communities economically, the creation of a municipal Urban Homestead Program for the purchase of commercial. In Rem properties provides a foundation for long-term sustainable redevelopment. Specifically, the creation of such Act creates a way for neighborhoods to further tailor public services to meet their specific needs, i.e. creation of service oriented businesses, daycare, etc.
Legislative history
FISCAL IMPLICATIONS : To be determined.
Effective date
This act shall take effect on the ninetieth day after it shall have become law.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.