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Who cares
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Sponsors
No co-sponsors yet.
History
- Referred to housing, construction and community development
- Committee discharged and committed to housing, construction and community development
- Referred to finance
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
Bill number
S1587
Title of bill
An act to amend the private housing finance law, in relation to authorizing grants to municipalities to provide affordable housing and making an appropriation therefor
Purpose/summary of provisions
To institute a program to provide a financial incentive for localities to use their zoning policies as a mechanism to develop affordable housing. One third of the housing produced shall be affordable bonus units because of higher zoning of other units in the development. Only persons with an income not exceeding the median salary of municipal employees in the community or the median income for the metropolitan statistical area can purchase. The State gives the community a grant of up to $10,000 for each "affordable" unit created by this plan.
Example
10 Acres zoned at 4 units per acre. REZONE:10 units per acre - 60 bonus units 1/3 of these bonus units (20) will be sold as "affordable". On 10 acres there will be 20 "affordable" units and the State will give the Town $200,000. Monies will be made available from the State Affordable Housing Corporation.
Existing law
This bill would add a new article 23 to the Private Housing Finance Law.
Justification
Affordable housing is at a premium. This bill would provide incentive to a community to add density to zoning so as to allow "affordable" housing.
Fiscal implications
None. $1 million to be allocated from the monies appropriated to the State Affordable Housing Corporation.
Effective date
This act shall take effect 120 days after it becomes law.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.