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History
- Referred to housing, construction and community development
- Committee discharged and committed to housing, construction and community development
- Referred to finance
Full text
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Sponsor's memo
Title of bill
An act to amend the private housing finance law, in relation to establishing the mutual housing company rehabilitation loan fund and making an appropriation therefor
Purpose or general idea of bill
To allow the state to establish a revolving loan fund for rehabilitation or other improvements to Mitchell-Lama cooperatives in a city of one million or more which have suffered serious deterioration of major components and systems.
Summary of specific provisions
This bill adds Article 25 to the Private Housing and Finance Law to allow the state, through the New York State Housing Finance Agency, to establish a Limited Profit Mutual Housing Company Rehabilitation Loan Fund (Mitchell-Lama Cooperative).
Rehabilitation under the revolving loan fund is limited to: cities with a population of one million or more, non-construction related improvements and conditions, and Mitchell-Lama housing which has been in existence for twenty or more years. No applicant shall in any year receive more than ten percent or more of the monies available and loans shall be limited to applicants who cannot afford or obtain funding through ordinary unaided operation of private enterprise.
The agency shall promulgate rules and regulations to insure that loans do not exceed ten years, are granted at the prevailing interest rate to make the project financially feasible and provide for periodic review and technical services and assistance as deemed necessary.
Justification
Over time, Mitchell-Lama cooperative housing in New York City has suffered serious deterioration of major components and systems. It has been found that various resources which would ordinarily be used to rehabilitate this irreplaceable asset are not available in sufficient amounts to deter further deterioration. Establishment of this revolving loan fund will allow the companies to increase carrying charges in more moderate amounts and perhaps on a temporary basis so as to maintain the affordability of Mitchell-Lama housing.
Legislative history
2003-04: S.650 - Referred to Housing, Construction and Community Development. 2001-02: S.4076 - Referred to Housing, Construction and Community Development. 1999-00: S.2800 - Referred to Housing, Construction, and Community Development. 1997-98: S.1368 - Referred to Housing, Construction, and Community Development.
FISCAL IMPLICATIONS The sum of ten million dollars ($10,000,000).
Effective date
This act will take effect immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.