Authorizes the Albany Housing Authority to sell or lease all or a part of the project known as the "Ezra Prentice Homes"

1 Co-sponsor

• Pedro Espada Jr.

Title of bill

An act authorizing a certain housing authority to sell or lease all or part of a certain housing project

Purpose or general idea of bill

Authorizes the Albany Housing Authority to sell or lease all or a part of the project known as the Ezra Prentice Homes for the purpose of rehabilitation of the project.

Summary of specific provisions

Section 1 sets out the legislative findings. Section 2 authorizes the Albany Housing Authority, with the approval of the commissioner of housing and community renewal, to sell or lease all or part of the Ezra Prentice Homes in the city of Albany for the purpose of rehabilitating the project for low income families. Section 3 establishes the guidelines for occupancy to ensure that the units remain affordable and that all laws rules and regulations applicable to federal public housing projects continue to apply after the sale or lease of the project, except those units governed by the Section 8 Rental Voucher Program. Section 4 continues state subsidies for debt service on outstanding bonds, notes or other obligations. Section 5 is the effective date.

Justification

Ezra Prentice Homes was built in the early 1970's on South Pearl Street in Albany, and provides 179 units of affordable housing for families. These units are in dire need of rehabilitation. Albany's public housing occupancy rate is 99%, with the longest waiting lists the Albany Housing Authority has ever seen.

The Authority has been developing this project for several years and has finally been able to secure approximately $12 million to move forward with the project. However, the final piece to make this project viable is to allow the division of housing and community renewal to consent to transfer this project to a privately owned entity in order to raise the rehabilitation capital through the sale of 4% low income housing tax credits.

Prior legislative history

New Bill.

Fiscal implications

To be determined.

Effective date

Immediately, provided, however, that the provisions of section 4 of this act shall apply to any debt service payments which become due after such date.