What's happening
Writing a plain-English summary… Track this bill to get it by email.
Why it matters
Albany, before your first meeting.
Every bill that moved yesterday, summarized in a sentence and ranked by impact. The Albany Scorecard follows on Sundays.
Free. Unsubscribe in one click. Want alerts on specific bills? Create an account.
Who cares
Headline styles
Sponsors
1 Co-sponsor
History
- Referred to housing, construction and community development
- Referred to housing, construction and community development
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
Title of bill
An act to amend the private housing finance law, in relation to creating the Buffalo housing development corporation
Purpose
Creates the Buffalo Housing Development Corporation (BHDC). Allows the BHDC to issue bonds, the proceeds of which are used to make loans to private entities and to developers through banks or other lending institutions.
Summary of provisions
The private housing finance law is amended by adding a new article 14 to read as follows:
Article XIV Buffalo Housing Development Corporation
Section 700. Short title.
701. Statement of legislative findings and purpose
702. Definitions
703. Buffalo housing development corporation
704. Powers of the corporation
705. Subsidiaries; how created
706. Housing assistance corporation
707. Residential mortgage insurance corporation
708. Notes and bonds of the corporation
709. Authorization of contracts for taxation by the United States of interest on obligations guaranteed thereby
710. Reserve funds appropriations
711. Agreement with the state
712. State and city not liable on notes
713. City's right to require redemption of bonds
714. Remedies of note holders and bondholders
715. Assistance to the corporation
716. Notes and bonds as legal investments
717. Exemption from taxation
718. Employees of the corporation
719. Assistance by the division of residential development 720. Moneys of the corporation
721. Actions
722. Annual Report
723. Severability 724. Inconsistent provisions on other laws superseded.
Justification
There continues to exist in the city of Buffalo a seriously inadequate supply of safe and sanitary dwelling accommodations within the financial reach of families and persons, particularly of low/middle income. In order to encourage the investment of private capital and provide such dwelling accommodations, the creation of this corporation in Buffalo is very much needed. A similar corporation in New York City has had great success. There also exist a large number of multiple dwellings in need of rehabilitation or other improvements and this corporation will also allow these dwellings to be rehabilitated without public aid in the form of low interest loans to the owners of such multiple dwellings.
Legislative history
S.6903 of 2002 referred to Housing, Construction and Community Development 2003 - Print Number S.3407A 2004- S.2407-A/A7342-A Referred to Housing, Construction and Community Development.
Effective date
This act shall take effect on the one hundred twentieth day after it shall have become a law.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.