BILL NUMBER: S5131
SPONSOR: COMRIE
 
TITLE OF BILL:
An act to create a pilot program to encourage homeownership among
persons and groups who are currently underrepresented in homeownership
and/or have seen a marked decline in rates of homeownership over the
last decade; and providing for the repeal of such provisions upon expi-
ration thereof
 
PURPOSE OR GENERAL IDEA:
Relates to affordable housing corporation grants by increasing the
amount that can be granted through acquisition and rehabilitation for
the purpose of downpayment assistance.
 
SUMMARY OF SPECIFIC PROVISIONS:
Section 1. Increases subsidy availability for projects in high cost
markets for the purposes of acquisition and rehabilitation from $40,000
per dwelling unit to up to $75,000 per dwelling unit.
Section 2. Clarifies the geographic scope of the pilot and who shall be
served through the pilot.
Section 3. Sets the amount of funding to be made available for the pilot
and for what purposes.
Section 4. Enumerates other organizations that may participate in this
program.
Sections 5 & 6. Details reporting requirements. Section 7. Effective
Date.
 
JUSTIFICATION:
The New York State Affordable Housing Corporation ("AMC") is a public
benefit corporation, established in 1965 pursuant to Section 45-b of the
Private Housing Finance Law ("PHFL") as a subsidiary of the New York
State Housing Finance Agency ("HFA"), to administer the Affordable Home
Ownership Development Program ("Program") under PHFL Article 19. The
purpose of the Pilot is to promote homeownership by persons of low aid
moderate income who have seen their opportunities for homeownership
diminish in recent years due to the escalating cost of housing, which
has not kept pace with incomes. Homeownership is a key component for the
stabilization and preservation of neighborhoods and communities. To
achieve these goals, AHC provides financial assistance, in conjunction
with other private and public investment, for the construction, acquisi-
tion, rehabilitation and improvement of owner-occupied housing. This
bill would support affordable.homeownership.
 
PRIOR LEGISLATIVE HISTORY:
2023: S5561
2021: S5492
 
FISCAL IMPLICATIONS:
To be determined.
 
EFFECTIVE DATE:
This act shall take effect immediately and expire April 1, 2024.