Bill Text: NY S03805 | 2017-2018 | 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 2-0)

Status: (Introduced - Dead) 2018-01-03 - REFERRED TO HOUSING, CONSTRUCTION AND COMMUNITY DEVELOPMENT [S03805 Detail]

Download: New_York-2017-S03805-Introduced.html


                STATE OF NEW YORK
        ________________________________________________________________________
                                          3805
                               2017-2018 Regular Sessions
                    IN SENATE
                                    January 27, 2017
                                       ___________
        Introduced  by  Sen.  BAILEY -- read twice and ordered printed, and when
          printed to be committed to the Committee on Housing, Construction  and
          Community Development
        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
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD00164-01-7

        S. 3805                             2
     1  a social program shall not be considered when  calculating  an  individ-
     2  ual's  gross  income. The division shall determine income eligibility of
     3  home buyers using the income determination methodology utilized  by  the
     4  United  States department of housing and urban development in accordance
     5  with their section 8 housing program.
     6    b. does not currently own a housing unit, including  a  single  family
     7  house,  condominium unit, cooperative unit, or rental unit that could be
     8  owner occupied;
     9    c. has not previously received home ownership assistance.
    10    § 251. Middle income home ownership subsidy program. There  is  hereby
    11  established  a middle income home ownership subsidy program. The purpose
    12  of the program is to  provide  financial  assistance  to  middle  income
    13  households,  with  an  annual income below the current median income for
    14  the city of New York who do not currently own a  home,  to  purchase  an
    15  eligible unit for purposes of rehabilitation and ownership.
    16    § 252. Applications. 1. A qualified household must make an application
    17  to the division to receive a home ownership subsidy.
    18    2.  The division shall approve an individual's application if it finds
    19  that:
    20    a. such individual is part of a  qualified  household  as  defined  in
    21  subdivision two of section two hundred fifty of this article;
    22    b.  the  home to be purchased by the individual is an eligible unit as
    23  defined in subdivision one of section two hundred fifty of this article;
    24    c. the home to be purchased has been inspected by a division  approved
    25  home inspector;
    26    d.  the home to be purchased has been appraised at a value not exceed-
    27  ing the maximum purchase price as set by the division.
    28    3. If any qualified household that has been approved and is  receiving
    29  home  ownership  assistance  payments  defaults on its mortgage payment,
    30  such home ownership subsidy payments shall automatically  cease  and  be
    31  terminated.
    32    §  253.  Amount and procedure for middle income home ownership subsidy
    33  payments. Subsidy amounts under this program shall equal more  than  one
    34  hundred twenty-five thousand dollars in the aggregate.
    35    §  254. Rules and regulations. 1. The division is authorized to imple-
    36  ment any rule or regulation necessary for the successful  implementation
    37  of this program.
    38    2.  The division may create any form and require any applicant to fill
    39  out such form before receiving departmental approval for the home owner-
    40  ship assistance payments.
    41    3. The division may charge an application fee for the processing of  a
    42  household's  home  ownership  assistance  payment  application. Such fee
    43  shall not exceed one hundred dollars.
    44    § 255. Funding for the middle income home ownership  subsidy  program.
    45  Funding  shall be obtained by using funds from the community development
    46  block grant.
    47    § 2. This act shall take effect on the one hundred eightieth day after
    48  it shall have become a law; provided, however, that effective immediate-
    49  ly, the addition, amendment and/or repeal  of  any  rule  or  regulation
    50  necessary  for  the  timely  implementation of this act on its effective
    51  date is hereby authorized and directed to be  made  on  or  before  such
    52  effective date.
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