Bill Text: NY A04910 | 2019-2020 | General Assembly | Introduced


Bill Title: Creates a middle income home ownership subsidy program to assist persons with an income below the current median income for the city of New York with the purchase of a residence in an urban area.

Spectrum: Partisan Bill (Democrat 10-0)

Status: (Introduced) 2019-02-05 - referred to housing [A04910 Detail]

Download: New_York-2019-A04910-Introduced.html


                STATE OF NEW YORK
        ________________________________________________________________________
                                          4910
                               2019-2020 Regular Sessions
                   IN ASSEMBLY
                                    February 5, 2019
                                       ___________
        Introduced  by  M.  of  A.  BLAKE, BARRON, COLTON, COOK, JOYNER, MOSLEY,
          ORTIZ, TAYLOR -- read once and referred to the Committee on Housing
        AN ACT to amend the public housing law, in relation to creating a middle
          income home ownership subsidy program
          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:
     1    Section  1.  The public housing law is amended by adding a new article
     2  11-A to read as follows:
     3                                 ARTICLE 11-A
     4                    MIDDLE INCOME HOME OWNERSHIP SUBSIDY
     5  Section 250. Definitions.
     6          251. Middle income home ownership subsidy program.
     7          252. Applications.
     8          253. Amount and  procedure  for  middle  income  home  ownership
     9                 subsidy payments.
    10          254. Rules and regulations.
    11          255. Funding  for  the  middle  income  home  ownership  subsidy
    12                 program.
    13    § 250. Definitions. For purposes of this article, the following  terms
    14  shall have the following meanings:
    15    1. "Eligible unit" shall mean:
    16    a.  any  (i)  home with two or fewer units; (ii) condominium; or (iii)
    17  cooperative;
    18    b. where the purchase of such home,  condominium,  or  cooperative  is
    19  provided for, insured, or guaranteed by the state or federal government;
    20    c. located in an urban area as defined by the division.
    21    2.  "Qualified  household"  shall mean any person or his or her family
    22  member who:
    23    a. has an annual household income below the current median income  for
    24  the city of New York, provided, that any subsidy received as a result of
    25  a  social  program  shall not be considered when calculating an individ-
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD05474-01-9

        A. 4910                             2
     1  ual's gross income. The division shall determine income  eligibility  of
     2  home  buyers  using the income determination methodology utilized by the
     3  United States department of housing and urban development in  accordance
     4  with their section 8 housing program.
     5    b.  does  not  currently own a housing unit, including a single family
     6  house, condominium unit, cooperative unit, or rental unit that could  be
     7  owner occupied;
     8    c. has not previously received home ownership assistance.
     9    §  251.  Middle income home ownership subsidy program. There is hereby
    10  established a middle income home ownership subsidy program. The  purpose
    11  of  the  program  is  to  provide  financial assistance to middle income
    12  households, with an annual income below the current  median  income  for
    13  the  city  of  New  York who do not currently own a home, to purchase an
    14  eligible unit for purposes of rehabilitation and ownership.
    15    § 252. Applications. 1. A qualified household must make an application
    16  to the division to receive a home ownership subsidy.
    17    2. The division shall approve an individual's application if it  finds
    18  that:
    19    a.  such  individual  is  part  of a qualified household as defined in
    20  subdivision two of section two hundred fifty of this article;
    21    b. the home to be purchased by the individual is an eligible  unit  as
    22  defined in subdivision one of section two hundred fifty of this article;
    23    c.  the home to be purchased has been inspected by a division approved
    24  home inspector;
    25    d. the home to be purchased has been appraised at a value not  exceed-
    26  ing the maximum purchase price as set by the division.
    27    3.  If any qualified household that has been approved and is receiving
    28  home ownership assistance payments defaults  on  its  mortgage  payment,
    29  such  home  ownership  subsidy payments shall automatically cease and be
    30  terminated.
    31    § 253. Amount and procedure for middle income home  ownership  subsidy
    32  payments.  Subsidy  amounts under this program shall equal more than one
    33  hundred twenty-five thousand dollars in the aggregate.
    34    § 254. Rules and regulations. 1. The division is authorized to  imple-
    35  ment  any rule or regulation necessary for the successful implementation
    36  of this program.
    37    2. The division may create any form and require any applicant to  fill
    38  out such form before receiving departmental approval for the home owner-
    39  ship assistance payments.
    40    3.  The division may charge an application fee for the processing of a
    41  household's home ownership  assistance  payment  application.  Such  fee
    42  shall not exceed one hundred dollars.
    43    §  255.  Funding for the middle income home ownership subsidy program.
    44  Funding shall be obtained by using funds from the community  development
    45  block grant.
    46    § 2. This act shall take effect on the one hundred eightieth day after
    47  it shall have become a law.  Effective immediately, the addition, amend-
    48  ment and/or repeal of any rule or regulation necessary for the implemen-
    49  tation  of  this act on its effective date are authorized to be made and
    50  completed on or before such effective date.
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