Bill Text: NY A06161 | 2019-2020 | General Assembly | Introduced
Bill Title: Authorizes the purchase of dwelling units in public housing projects by residents thereof in certain instances; provides for the availability of loans for such purchase and technical assistance to prepare resident management associations undertaking the management of such project.
Spectrum: Partisan Bill (Republican 5-0)
Status: (Introduced - Dead) 2020-01-08 - referred to housing [A06161 Detail]
Download: New_York-2019-A06161-Introduced.html
STATE OF NEW YORK ________________________________________________________________________ 6161 2019-2020 Regular Sessions IN ASSEMBLY February 28, 2019 ___________ Introduced by M. of A. FITZPATRICK, MONTESANO, TAGUE, DiPIETRO -- Multi-Sponsored by -- M. of A. MANKTELOW -- read once and referred to the Committee on Housing AN ACT to amend the public housing law, in relation to the purchase of dwelling units by residents of public housing projects The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Section 58-a of the public housing law is amended by 2 adding a new subdivision 3 to read as follows: 3 3. (a) Subject to the approval of the commissioner in the case of a 4 state project or in the case of dwelling units operated as public or 5 Indian housing pursuant to the provisions of the United States housing 6 act of 1937, as amended, and the local legislative body in the case of 7 municipal projects an authority shall provide to those residents of a 8 project the opportunity to purchase dwelling units in a project provided 9 that: 10 (i) the resident has resided in public housing projects for not less 11 than twenty-four consecutive months; and 12 (ii) is determined by the authority to be capable of assuming the 13 responsibilities of homeownership; and 14 (iii) complies with such additional requirements as the commissioner 15 or the authority may establish in the case of a state or a municipal 16 project. 17 (b) Any resident meeting the requirements of paragraph (a) of this 18 subdivision may purchase his or her dwelling unit directly from the 19 authority if the authority determines that such purchase will not inter- 20 fere with the rights of other residents residing in the project or harm 21 the efficient operation of such project. Such purchase of a dwelling 22 unit by a resident shall also include a fixed percentage of the common 23 elements of the project as determined by the authority. The price for EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD06007-01-9A. 6161 2 1 any such purchase shall not be more than the fair market value of the 2 dwelling unit as determined by the authority. 3 (c) For the purpose of assisting any purchase by a resident pursuant 4 to this subdivision the authority involved or any subsidiary corporation 5 of such authority may make a loan on the security of the property 6 involved to such purchasing resident at a rate of interest determined by 7 the authority to be appropriate. 8 (d) If any resident purchaser of a dwelling unit pursuant to this 9 subdivision sells such dwelling unit before the expiration of a five 10 year period, such purchaser shall pay the following percentage of the 11 sale price to the authority involved: 12 (i) seventy-five percent, if such sale occurs during the first one 13 year period following such date; 14 (ii) sixty percent, if such sale occurs during the second one year 15 period following such date; 16 (iii) forty-five percent, if such sale occurs during the third one 17 year period following such date; 18 (iv) thirty percent, if such sale occurs during the fourth one year 19 period following such date; and 20 (v) fifteen percent, if such sale occurs during the fifth one year 21 period following such date. 22 (e) The authority or any existing tenant management corporation or 23 association shall continue to manage the project and provide maintenance 24 for the project until such time as all of the dwelling units are 25 purchased by project residents at which time the aforementioned func- 26 tions shall be transferred to a resident management association or to a 27 private management company. 28 (f) The commissioner and the authority involved shall provide such 29 training, technical assistance and education as may be necessary to 30 prepare the resident management association to undertake the management 31 and maintenance of such project and to prepare the residents for the 32 responsibility of homeownership. 33 (g) The commissioner shall issue such regulations as may be necessary 34 to carry out the provisions of this subdivision. Such regulations may 35 establish any additional terms and conditions for homeownership or resi- 36 dent management pursuant to this subdivision that are determined by the 37 commissioner to be appropriate. 38 § 2. This act shall take effect immediately.
