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