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Sponsors
Senator · Senate District 57
No co-sponsors yet.
History
- Signed chap.64
- Delivered to governor
- Returned to senate
- Passed assembly
- Ordered to third reading cal.514
- Substituted for A7833
- Referred to ways and means
- Delivered to assembly
- Passed senateVote 60–0
- Advanced to third reading
- 2nd report cal.
- 1st report cal.273
Show 1 earlier action
- Referred to housing, construction and community development
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.
Provides that up to ten percent of project cost for affordable home ownership development contracts may be used for particular operating costs
Assembly Floor Calendar · Sponsor Vito Lopez
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S6554
Title of bill
An act to amend the private housing finance law, in relation to affordable home ownership development contracts
Purpose
This bill would allow for the payment of administrative funds to not-for-profit grantees. Additionally, the bill would broaden the pool of eligible projects to be assisted under the Affordable Home Ownership Development Program.
Summary of provisions
This bill would: allow for grants to cover up to 100% of rehabilitation project costs if no acquisition is needed; allow for grants to cover up to 60% of rehabilitation project costs if an acquisition is taking place; and allow 10% of monies to be used for administrative costs associated with the development of affordable one-to-four family homes.
Justification
This legislation would assist in program administration and operation, allowing the program to more effectively be carried out. Additionally, the program would be expanded to allow for larger grants for rehabilitation projects. This will provide more incentive for the rehabilitation of distressed and underutilized housing, which will create more affordable housing in an efficient manner.
Legislative history
This is a new bill for 2012 in the Senate. A.3013 of 2010/2011: Passed Assembly A.1025 of 2007/2008: Passed Assembly A.11712 of 2006: Passed Assembly
Fiscal implications
None.
Effective date
This act shall take effect immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.