What's happening
This bill allows industrial development agencies to assist qualified multi-family residential facilities for sale in Westchester urban renewal or highly distressed areas.
Why it matters
Enables broader economic development tools. By allowing industrial development agencies (IDAs) to assist qualified multi-family residential projects for sale in specified Westchester areas, the bill expands the types of projects eligible for IDA support, which previously focused on manufacturing, commercial, or rental housing.
Targets urban renewal and distressed neighborhoods. The bill restricts this new support to developments in urban renewal or highly distressed areas, aiming to steer investment and redevelopment toward communities most in need of revitalization.
Promotes homeownership opportunities. By specifically including multi-family units “for sale” (not just for rent), the bill could encourage pathways to homeownership, potentially stabilizing neighborhoods and offering wealth-building opportunities for residents in these targeted areas.
Excludes certain facility types. The legislation makes clear that continuing care retirement communities are not eligible, focusing the benefit on general residential rather than specialized senior living developments.
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Who cares
Industrial development agencies
The bill would authorize assistance for qualifying multifamily residential facilities with units for sale in Westchester County.
Westchester housing developers
Projects in designated urban renewal areas or highly distressed areas could qualify for industrial development agency assistance.
Westchester municipal governments
The bill would expand eligible projects in their communities, while retaining municipal consent requirements for projects extending beyond an agency’s home municipality.
Continuing care retirement community operators
Their facilities would be excluded from the new definition of a qualified residential facility.
Headline styles
Allow IDAs to Fund Housing
Plain English, a few words. Used as the page title.
Sponsors
No co-sponsors yet.
History
- Referred to local governments
- Referred to local governments
Full text
2 pagesUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
3351
2019-2020 Regular Sessions
IN ASSEMBLY
January 29, 2019
Introduced by M. of A. PRETLOW -- read once and referred to the Committee on Local Governments
AN ACT to amend the general municipal law, in relation to authorizing industrial development agencies to provide assistance to qualified residential facilities
The People of the State of New York, represented in Senate and Assembly, do enact as follows:
Section 1. Subdivision 4 of section 854 of the general municipal law, as amended by section 6 of part J of chapter 59 of the laws of 2013, is amended to read as follows:
(4) "Project" - shall mean any land, any building or other improvement, and all real and personal properties located within the state of New York and within or outside or partially within and partially outside the municipality for whose benefit the agency was created, including, but not limited to, machinery, equipment and other facilities deemed necessary or desirable in connection therewith, or incidental thereto, whether or not now in existence or under construction, which shall be suitable for manufacturing, warehousing, research, commercial or industrial purposes or other economically sound purposes identified and called for to implement a state designated urban cultural park management plan as provided in title G of the parks, recreation and historic preservation law and which may include or mean an industrial pollution control facility, a recreation facility, educational or cultural facility, a horse racing facility, a railroad facility, a qualified residential facility, or an automobile racing facility, provided, however, no agency shall use its funds or provide financial assistance in respect of any project wholly or partially outside the municipality for whose benefit the agency was created without the prior consent thereto by the governing body or bodies of all the other municipalities in which a part or parts of the project is, or is to be, located, and such portion of the project located outside such municipality for whose benefit the
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD04657-01-9
A. 3351 2
agency was created shall be contiguous with the portion of the project inside such municipality.
§ 2. Section 854 of the general municipal law is amended by adding a new subdivision 21 to read as follows:
(21) "Qualified residential facility" - shall mean any multi-family residential facility with units that are for sale, in any municipality located within the county of Westchester, and which is located in an urban renewal area designated under article fifteen of this chapter or a highly distressed area, together with buildings, structures, machinery, equipment, facilities and appurtenances thereto deemed necessary, useful or desirable in connection therewith, or incidental thereto, but shall not include a continuing care retirement community.
§ 3. This act shall take effect immediately.
Reflowed for reading: line numbers and page breaks removed. Cite the official text.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.