Bill Text: NY S05649 | 2011-2012 | General Assembly | Introduced

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Bill Title: Provides authority for the NYC housing development corporation to acquire mortgage loans made by the city or to acquire a participation interest in such mortgage loans and to make loans for the creation and preservation of affordable housing.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2011-06-22 - SUBSTITUTED BY A8242 [S05649 Detail]

Download: New_York-2011-S05649-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         5649
                              2011-2012 Regular Sessions
                                   I N  S E N A T E
                                     June 8, 2011
                                      ___________
       Introduced  by  Sen.  YOUNG  -- 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 private housing finance law, in relation to provid-
         ing authority for the New York city housing development corporation to
         acquire mortgage loans made by the city of New York pursuant  to  such
         law,  article  16  of the general municipal law or section 99-h of the
         general municipal law or to acquire a participation interest  in  such
         mortgage  loans and to make loans for the creation and preservation of
         affordable housing
         THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section  1.  Subdivision  23-g  of  section 654 of the private housing
    2  finance law, as added by section 12 of part A of chapter 93 of the  laws
    3  of 2002, is amended to read as follows:
    4    23-g.  Subject  to the provisions of any contract with noteholders and
    5  bondholders, to acquire mortgage loans made by  the  city  of  New  York
    6  pursuant  to article eight-A of this chapter OR SECTION NINETY-NINE-H OR
    7  ARTICLE SIXTEEN OF THE GENERAL MUNICIPAL LAW or  to  acquire  a  partic-
    8  ipation interest in such mortgage loans.
    9    S  2.  Section  654  of  the private housing finance law is amended by
   10  adding a new subdivision 23-h to read as follows:
   11    23-H. SUBJECT TO THE PROVISIONS OF ANY CONTRACT WITH  NOTEHOLDERS  AND
   12  BONDHOLDERS  AND  RELATING  TO THE PURPOSE OF PROVIDING HOUSING ACCOMMO-
   13  DATIONS FOR OCCUPANCY BY PERSONS AND  FAMILIES  FOR  WHOM  THE  ORDINARY
   14  OPERATIONS  OF  PRIVATE  ENTERPRISE CANNOT PROVIDE AN ADEQUATE SUPPLY OF
   15  SAFE, SANITARY  AND  AFFORDABLE  HOUSING  ACCOMMODATIONS  OR  FOR  UNITS
   16  LOCATED IN AN AREA DESIGNATED AS BLIGHTED PURSUANT TO ARTICLE FIFTEEN OR
   17  SIXTEEN  OF  THE  GENERAL MUNICIPAL LAW, OR AS CERTIFIED BY THE NEW YORK
   18  CITY DEPARTMENT OF HOUSING PRESERVATION AND DEVELOPMENT AS BEING LOCATED
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD13039-01-1
       S. 5649                             2
    1  IN AN AREA THAT IS BLIGHTED, THE CORPORATION  IS  HEREBY  AUTHORIZED  TO
    2  CARRY OUT, BY LOANS OR GUARANTIES, THE FOLLOWING PURPOSES:
    3    (I)  TO PRESERVE, REPAIR, RENOVATE, UPGRADE, IMPROVE, MODERNIZE, REHA-
    4  BILITATE OR OTHERWISE PROLONG  THE  USEFUL  LIFE  OF  DWELLING  ACCOMMO-
    5  DATIONS;
    6    (II)  TO CONSTRUCT DWELLING ACCOMMODATIONS AND UNDERTAKE SITE PREPARA-
    7  TION RELATED THERETO;
    8    (III) TO RESTORE ABANDONED, VACANT OR OCCUPIED CITY OR PRIVATELY-OWNED
    9  DWELLING ACCOMMODATIONS TO HABITABLE CONDITION;
   10    (IV) TO ASSIST IN THE ACQUISITION OF BUILDINGS  THAT  CONTAIN  OR  ARE
   11  EXPECTED TO CONTAIN DWELLING ACCOMMODATIONS; AND
   12    (V) TO FACILITATE THE DISPOSITION OF CITY-OWNED BUILDINGS THAT CONTAIN
   13  OR ARE EXPECTED TO CONTAIN DWELLING ACCOMMODATIONS.
   14    S 3. Severability clause. If any clause, sentence, paragraph, subdivi-
   15  sion,  section  or  part  of  this act shall be adjudged by any court of
   16  competent jurisdiction to be invalid, such judgment  shall  not  affect,
   17  impair,  or  invalidate  the remainder thereof, but shall be confined in
   18  its operation to the clause, sentence, paragraph,  subdivision,  section
   19  or part thereof directly involved in the controversy in which such judg-
   20  ment shall have been rendered. It is hereby declared to be the intent of
   21  the  legislature  that  this  act  would  have been enacted even if such
   22  invalid provisions had not been included herein.
   23    S 4. This act shall take effect immediately.