BILL NUMBER: S7995
SPONSOR: HINCHEY
 
TITLE OF BILL:
An act to amend the general municipal law, in relation to authorizing
the county of Ulster to establish an affordable housing fund
 
PURPOSE:
To authorize Ulster County to create an affordable housing fund.
 
SUMMARY OF PROVISIONS:
Section 1 amends the general municipal law to create a new section 6-w
to authorize the county to create an Affordable Housing Fund. Afforda-
ble housing is defined as housing for families or people that are
extremely low-moderate income and for which the occupant pays no more
than 30% of their gross income. The county is authorized to use the fund
to do the following:
*To produce affordable housing
*To produce or maintain affordable housing in a public/private partner-
ship
*To rehabilitate existing buildings and structures to convert them into
affordable housing
*To acquire interests in real property in existing housing units in
order to produce affordable or emergency housing
*To provide housing counseling services via not-for-profit corporations
who are authorized by HUD to provide these services
The county is also required to create a plan for the implementation of
the fund and to create an advisory board to review and make recommenda-
tions on that plan.
The fund will expire after 30 years unless extended by the county
through a local law. When the fund expires, the remaining balance must
by transferred either to the county stabilization fund or the county's
retirement reserves fund.
Section 2 states the effective date.
 
JUSTIFICATION:
This bill will give the County of Ulster the authority to create an
Affordable Housing Fund to support the construction, development and
redevelopment of housing that residents can afford. This legislation has
been requested by the County of Ulster.
 
LEGISLATIVE HISTORY:
New bill.
 
FISCAL IMPLICATIONS:
None to the state.
 
EFFECTIVE DATE:
This act shall take effect immediately.