Bill Text: NY A02839 | 2023-2024 | General Assembly | Introduced

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Bill Title: Relates to affordable housing for persons with a disability or having attained the age of sixty-two; establishes a developmentally disabled and elderly adult accessory apartment loan program.

Spectrum: Moderate Partisan Bill (Democrat 7-1)

Status: (Introduced) 2024-01-03 - referred to housing [A02839 Detail]

Download: New_York-2023-A02839-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          2839

                               2023-2024 Regular Sessions

                   IN ASSEMBLY

                                    January 27, 2023
                                       ___________

        Introduced  by  M.  of  A. SANTABARBARA -- read once and referred to the
          Committee on Housing

        AN ACT to amend the private housing finance law, in relation to afforda-
          ble housing for persons with disabilities and  those  having  attained
          the age of sixty-two

          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:

     1    Section 1. Subdivision 7  of  section  45-b  of  the  private  housing
     2  finance law is amended by adding a new paragraph (i) to read as follows:
     3    (i) Establish a disabled and elderly accessory apartment loan program,
     4  loans issued for which purpose shall be subject to the following parame-
     5  ters:
     6    (i)  proceeds of loans shall be used to construct an additional dwell-
     7  ing unit of up to two bedrooms within a structure, or to improve,  reno-
     8  vate,  or  rehabilitate  not  more  than  one dwelling unit of up to two
     9  bedrooms located in a structure that, at the time of the  loan  applica-
    10  tion,  contains a total of not more than two dwelling units; each dwell-
    11  ing unit may not be less than four hundred fifty square  feet  of  gross
    12  living area;
    13    (ii)  at  least one dwelling unit within the structure shall be owner-
    14  occupied, and, following completion of the project, at least one  dwell-
    15  ing  unit  within  the  structure  shall be occupied by a household that
    16  includes one person with a disability or one person having attained  the
    17  age of sixty-two, either of whom may be related to the borrower;
    18    (iii)  loans  shall  be  limited  to  the less of fifty percent of the
    19  financing of the total development costs or fifty thousand dollars;
    20    (iv) loans shall not be issued unless a contract or agreement for  the
    21  use  of  the  property for the purposes of such housing provides for the
    22  recording of a restriction in the registry of deeds  maintained  by  the
    23  clerk  of the county in which the affected real property is located, for
    24  the benefit of said corporation, running with the land, that the land be

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD06134-01-3
        A. 2839                             2

     1  used for the purpose of providing alternative forms of rental and owner-
     2  ship housing. Such property shall not be released from such  restriction
     3  until  the balance of the principal and interest for any such loan shall
     4  be  repaid  in  full  or  until  a  mortgage  foreclosure  deed shall be
     5  recorded;
     6    (v) loans shall be issued for a term of up to thirty years which  time
     7  repayment  may  be deferred by the loan issuing authority.  At maturity,
     8  the corporation may extend a loan for an additional period of up to  ten
     9  years.  Thereafter,  as long as the housing continues to comply with the
    10  requirements set forth in the loan documents, additional ten-year exten-
    11  sions may be approved.
    12    (vi) interest rates for loans shall be fixed at a rate  to  be  deter-
    13  mined by the director of housing and community development, in consulta-
    14  tion with the state treasurer;
    15    (vii)  expenditures  from  this  paragraph  shall  not be made for the
    16  purpose of refinancing outstanding mortgage loans for housing in  exist-
    17  ence prior to the effective date of this paragraph;
    18    (viii)  the  corporation  shall  take  due consideration of a balanced
    19  geographic plan for such alternative forms of housing when issuing  such
    20  loans;
    21    (ix)  at  least  one  half  of  the  beneficiaries of the loan program
    22  created by this paragraph shall be persons whose  income  is  less  than
    23  eighty percent of the area-wide median income as determined from time to
    24  time  by  the United States department of housing and urban development;
    25  and
    26    (x) the corporation shall promulgate rules  and  regulations  for  the
    27  implementation of the loan program created by this paragraph.
    28    § 2. This act shall take effect immediately.