Bill Text: NY A08696 | 2015-2016 | General Assembly | Introduced

New York Assembly Bill 8696 (Prior Session Legislation)

Introduced

Bill Title: Relates to affordable housing for persons with a disability or having attained the age of sixty-two.

Spectrum: Moderate Partisan Bill (Democrat 30-6)

Status: (Introduced - Dead) 2016-06-14 - ordered to third reading rules cal.341 [A08696 Detail]

Download: New_York-2015-A08696-Introduced.html



                STATE OF NEW YORK
        ________________________________________________________________________
                                          8696
                   IN ASSEMBLY
                                    January 12, 2016
                                       ___________
        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
    25  used for the purpose of providing alternative forms of rental and owner-
    26  ship housing. Such property shall not be released from such  restriction
    27  until  the balance of the principal and interest for any such loan shall
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD13418-01-5