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Sponsors
No co-sponsors yet.
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 loans and grants by the New York city housing development corporation
Summary of provisions
The proposed legislation would amend Private Housing Finance Law ("PHFL") §654, which enumerates the Corporate powers of the New York City Housing Development Corporation ("HDC"). The proposed legislation authorizes HDC to use funds provided by the City of New York ("City") pursuant to PHFL §66l for the making of loans or grants for the provision of housing accommodations that are described in the PHFL or Articles 15 or 16 of the General Municipal Law ("GML") as within the authority of a municipality, a municipality having a population of one million or more, an agency, a supervising agency, or the city of New York.
Justification
Various chapters of the PHFL and Articles 15 and 16 of the GML authorize the City to make loans or grants for the acquisition, construction or rehabilitation of housing accommodations or for the conversion of non-residential buildings into residential buildings. PHFL §661 authorizes the City to provide funds to HDC to use for its corporate purposes. While HDC loan authority generally mirrors that of the City of New York, it is not identical. For example, HDC does not have the authority to make loans for new construction of buildings containing fewer than five units, for rehabilitation of buildings containing fewer than three units, or for condominium housing.
The proposed legislation would allow HDC to use funds provided by the City pursuant to PHFL §661 to make loans or grants where such loans or grants are described in the PHFL or Articles 15 and 16 of the GML as within the authority of a municipality, a municipality having a population of one million or more, an agency, a supervising agency, or the city of New York.
Legislative history
New bill.
Fiscal implications
None.
Effective date
Immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.