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Sponsors
Senator · Senate District 57
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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
BILL NUMBER:S2044
Title of bill
An act to amend the private housing finance law, in relation to the low income housing trust fund program
Purpose
The bill authorizes the Housing Trust Fund Program to make grants or loans for the moderate rehabilitation of occupied buildings.
Summary of provisions
This bill amends the Private Housing Finance Law to state that the legislative findings and purpose for the Housing Trust Fund Program is changed by adding a finding that there exists throughout the State a significant number of occupied, as well as vacant or underu- tilized, dwellings which are deteriorated, unsafe or substandard.
This legislation also authorizes the Housing Trust Fund Corporation (HTFC) to fund Moderate Rehabilitation projects and eliminates for such projects the existing requirement that structures eligible for financing under the Trust Fund Program be vacant or under occupied.
Justification
Existing law limits the Housing Trust Fund Program to rehabilitating, constructing, or converting only those properties that are vacant or under occupied (i.e., less than 60 percent of legal occu- pancy).
The need for the rehabilitation of deteriorated, unsafe, or substandard structures occupied by persons of low income exists throughout the State, especially in rural areas. Authorizing the HTFC to finance the improvement and repair of this housing will enable the State to address the problems of substandard housing before a structure becomes uninhabi- table and, possibly, irreparable.
Legislative history
2011,2012 S.761 Referred to Housing, Construction, and Community Devel- opment 2009,2010: S.4678 Referred to Housing, Construction & Community Develop- ment 2007: S.374 Passed Senate 2008: S.374 Reported to Rules 2006: S.6265-A/A.9590-A Passed Senate 2005: A.5701 Referred to Housing 2003,2004: A.4802 Referred to Housing
Fiscal implications
The moderate rehabilitation proposal will primari- ly be implemented through participation loans, thus reducing the amount of public funds necessary to complete such projects.
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.