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Sponsors
No co-sponsors yet.
History
- Substituted by A11320
- Ordered to third reading cal.1164
- Referred to rules
Companion bill
The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.
Expands the definition of eligible applicant for the affordable home ownership development program
Signed by Governor · Sponsor Vito Lopez
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S8164
Title of bill
An act to amend the private housing finance law, in relation to the definition of eligible applicant for the affordable home ownership development program
Purpose
The bill would permit the New York State Affordable Housing Corporation (AHC) to award grants to particular public benefit corporations formed to assist municipalities with their housing, community development or renewal needs.
Summary of provisions
Section 1 of the bill would amend Private Housing Finance Law § 1111 (2) to authorize AHC to award grants to particular public benefit corporations fanned to assist municipalities with their housing, community development or renewal needs.
Section 2 of the bill would provide for an immediate effective date.
Existing law
Under current law, AHC is permitted to award grants to various "Eligible Applicants." Currently, public benefit corporations such as community development or urban renewal agencies that have been fanned specifically to assist municipalities with their housing, community development or renewal needs are ineligible to apply for or be awarded these grants. Instead, grants are generally awarded to the municipality and later transferred to a specific public benefit corporation by the municipality, resulting in administrative inefficiencies.
Prior legislative history
This is a new bill.
Statement in support
Municipalities rely upon public benefit corporations such.as con:munity development agencies or urban renewal agencies to finance and administer their houing development programs. The proposed legislation would make such public benefit corporations eligible to apply for AHC grants to help finance their housing programs. The bill would make it possible for grant funds to go directly to the public benefit corporations which finance and administer municipal housing programs, thereby enhancing the efficiency of the AHC program and better serving local needs.
Fiscal impact
This bill would have no impact on State finances.
Effective date
This bill would take effect immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.