Bill Text: NH SB393 | 2014 | Regular Session | Introduced
Bill Title: Relative to the housing finance authority and surplus lands housing program.
Spectrum: Moderate Partisan Bill (Democrat 4-1)
Status: (Passed) 2014-08-05 - Signed by the Governor on 08/01/2014; Chapter 0323; Effective 09/30/2014 [SB393 Detail]
Download: New_Hampshire-2014-SB393-Introduced.html
SB 393 – AS INTRODUCED
2014 SESSION
05/10
SENATE BILL 393
AN ACT relative to the housing finance authority and surplus lands housing program.
SPONSORS: Sen. Watters, Dist 4; Sen. D’Allesandro, Dist 20; Sen. Larsen, Dist 15; Rep. Butler, Carr 7; Rep. Grenier, Sull 7
COMMITTEE: Executive Departments and Administration
This bill clarifies definitions and eligibility requirements for participation in programs administered by the housing finance authority. The bill also permits the authority to sell or transfer undeveloped land received under the surplus lands housing program.
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Explanation: Matter added to current law appears in bold italics.
Matter removed from current law appears [in brackets and struckthrough.]
Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.
14-2773
05/10
STATE OF NEW HAMPSHIRE
In the Year of Our Lord Two Thousand Fourteen
AN ACT relative to the housing finance authority and surplus lands housing program.
Be it Enacted by the Senate and House of Representatives in General Court convened:
1 Housing Finance Authority; Definition of Elderly. RSA 204-C:1, VII is repealed and reenacted to read as follows:
VII. “Elderly” shall mean a person who qualifies to live in housing for older persons, as defined in RSA 354-A:15.
2 Housing Finance Authority; Definition of Eligible Low Income Persons and Families. Amend RSA 204-C:1, VIII to read as follows:
VIII. “Eligible low income persons and families” shall mean those eligible persons and families whose annual income is less than the amount necessary to enable them to obtain and maintain decent, safe and sanitary housing without the expenditure of more than [25] 30 percent of such income for basic shelter cost, including the additional cost, if any, of heat, hot water, and other utilities, except telephone.
3 Conditions on Mortgage Loans. Amend RSA 204-C:16, V to read as follows:
V. With respect to any rental housing, an eligible mortgagor may not in any one year make distributions of income or earnings from or have equity in, or indebtedness from, housing financed by the authority in excess of the amounts prescribed by the rules of the authority; but, in no event, shall a mortgagor make distributions of income of the mortgagor in any one year or cumulatively in excess of [a percentage determined by the authority but not in excess of 12 percent on a cumulative basis] such limits as may be established by the authority in rules adopted pursuant to RSA 204-C:53, of the mortgagor’s equity in such housing, which for the purposes of this chapter shall be the development cost of the housing, as determined by the authority at the time of making the final mortgage advance, less the amount of the final advance of the mortgage loan to the eligible mortgagor. Such mortgagor’s equity shall remain constant as long as the authority’s mortgage shall be outstanding unless otherwise provided for by rules of the authority.
4 Findings. Amend RSA 204-C:20, IV to read as follows:
IV. That without the assistance contemplated by such commitment, private enterprise cannot supply such housing in such general housing market area at rentals or carrying charges which eligible persons and families can afford; and at which eligible elderly and low income persons and families can afford without the expenditure of more than [25] 30 percent of their income for basic shelter cost, including the additional cost, if any, of heat, hot water, and other utilities, except telephone;
5 Rent Levels. Amend RSA 204-C:22, II to read as follows:
II. The rent or carrying charge to be charged to elderly and low income persons and families which rent shall be sufficiently low in the judgment of the authority for at least a reasonable number of the dwelling units, but in no event fewer than 1/8 of such units, to be provided by such housing to enable such persons and families to occupy such units without the expenditure of more than [25] 30 percent of their annual income for basic shelter cost, including the additional cost, if any, of heat, hot water, and other utilities, except telephone; provided, however, that, if necessary to make the project financially feasible, such percentage of annual income may be increased to 32 percent; and provided further that, if, in order to meet federal requirements or to obtain federal assistance, a different percentage of annual income shall be required, then such percentage of annual income shall be increased or based on the federal requirement, if applicable.
6 Surplus Lands Housing Program; Housing Construction. Amend RSA 204-D:4, V to read as follows:
V. The authority may sell or otherwise transfer land transferred to the authority pursuant to this chapter upon which affordable housing has been constructed only if the authority has established controls to ensure that the housing shall remain affordable to persons of low or moderate income for a period of at least 30 years after such sale or transfer. The authority may sell or otherwise transfer undeveloped land transferred to the authority under this chapter if the purchaser or transferee enters into an agreement with the authority that the property will be used substantially for affordable housing purposes. If any property so sold or transferred ceases to be used for such purposes, ownership and or control of the property shall revert to the authority. Without an assurance that the property will be used substantially for affordable housing purposes, the authority may sell or otherwise transfer undeveloped land transferred to the authority under this chapter only after receiving approval from the long range capital planning and utilization committee, with advice from the council on resources and development established in RSA 162-C and final approval by the governor and council. The authority may lease land which is transferred to the authority under this chapter.
7 Repeal. RSA 204-C:25, relative to the readjustment of rent, is repealed.
8 Effective Date. This act shall take effect 60 days after its passage.
