BILL NUMBER: S7486A
SPONSOR: MAYER
 
TITLE OF BILL:
An act to amend chapter 405 of the laws of 2011, relating to authorizing
the lease of lands located at the state university of New York at
Purchase, in relation to the permitted use of proceeds from the lease of
such lands
 
PURPOSE OF BILL:
This bill permits the board of trustees of Purchase College to add New
York State resident students who are eligible to receive a federal Pell
grant to those students eligible for financial aid allocated from the
proceeds from the lease of lands located at the State University of New
York at Purchase.
 
SUMMARY OF SPECIFIC PROVISIONS:
Section 1 amends section 13 of chapter 405 of the laws of 2011 relating
to authorizing the lease of lands located at the state university of New
York at Purchase to include New York State resident students who are
eligible to receive a federal Pell grant to those eligible for student
financial aid allocated from the proceeds from the lease of land.
Section 2 sets the effective date.
 
JUSTIFICATION:
Chapter 405 of the Laws of 2011 authorized toe lease of State University
of New York, at Purchase to the Purchase College Advancement Corpo-
ration, to be used as the site of a senior community.
Under existing law, the board. of trustees of Purchase College is
directed to allocate severity-five per cent of the lease proceeds to
financial aid for students "who are eligible to receive a tuition
assistance award or supplemental tuition assistance
pursuant to section 667 or 667-a of the education law," and twenty-five
per cent to support full-time faculty positions.
Chapter 563 of the laws of 2023 expanded the permitted use of 'the
proceeds from the lease to include support for current as well as addi-
tional full-time faculty. This bill would further expand the permitted
uses of the lease proceeds to include additional students among those
eligible for financial aid.
This bill would expand use of the seventy-five percent allocated to
student financial aid to include New York State resident students who
are eligible to receive a federal Pell grant.
Due to specific eligibility requirements tied to New York's Tuition
Assistance Program, the college's ability to fully leverage funds gener-
ated from the lease of lands to attract and retain students is limited.
Expanding the criteria to include Pell-eligible students would facili-
tate and support the college's efforts to meet the needs of more
students and would improve Purchase's ability to attract and enroll
students.
 
PRIOR LEGISLATIVE HISTORY:
New bill.
 
FISCAL IMPLICATIONS:
To be determined.
 
EFFECTIVE DATE:
This act shall take effect immediately.