New York S 5501: Relates to creating a new acquisition fund for community land trusts located in New York state

Bill Text

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S05501 Summary:

BILL NOS05501 

&nbsp

SAME ASSAME AS A06135

&nbsp

SPONSORKAVANAGH

&nbsp

COSPNSRJACKSON, MAY, SALAZAR

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MLTSPNSR

&nbsp

Amd §1111, add §59-j, Priv Hous Fin L

&nbsp

Relates to creating a new acquisition fund for community land trusts located in New York state; provides that moneys of the fund shall be expended solely to carry out the affordable home ownership development program exclusively for community land trusts; defines community land trusts.

Go to top S05501 Actions:

BILL NOS05501 

&nbsp

02/21/2025REFERRED TO HOUSING, CONSTRUCTION AND COMMUNITY DEVELOPMENT

03/10/2025REPORTED AND COMMITTED TO FINANCE

01/07/2026REFERRED TO HOUSING, CONSTRUCTION AND COMMUNITY DEVELOPMENT

02/25/2026REPORTED AND COMMITTED TO FINANCE

Go to topS05501 Committee&nbspVotes:

Go to topS05501 Floor&nbspVotes:

There are no Assembly votes for this bill in this legislative session.

Go to topS05501 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 5501

 2025-2026 Regular Sessions

 IN SENATE

 February 21, 2025
 ___________

 Introduced by Sens. KAVANAGH, JACKSON, MAY, SALAZAR -- 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 creating
 a new acquisition fund for community land trusts located in New York
 state

 The People of the State of New York, represented in Senate and Assem-
 bly, do enact as follows:

 1 Section 1. Subdivision 2 of section 1111 of the private housing
 2 finance law, as amended by chapter 202 of the laws of 2010, is amended
 3 and a new subdivision 9 is added to read as follows:
 4 2. "Eligible applicant" shall mean a city, a town, a village, a hous-
 5 ing development fund company incorporated pursuant to article eleven of
 6 this chapter, any not-for-profit corporation or charitable organization
 7 which has as one of its primary purposes the improvement of housing or a
 8 municipal housing authority created pursuant to the public housing law,
 9 a community land trust as defined in subdivision nine of this section,
 10 or a public benefit corporation formed to assist particular munici-
 11 palities with their housing, community development or renewal needs, or
 12 a county, provided, however, that the county acts as an administrator of
 13 a program under which projects are constructed, rehabilitated or
 14 improved by other eligible applicants or acts in any other capacity as
 15 permitted by law.
 16 9. For the purposes of this subdivision, "community land trust" shall
 17 mean a corporation organized pursuant to the not-for-profit corporation
 18 law and exempt from taxation pursuant to section 501(c)(3) of the inter-
 19 nal revenue code that satisfies the following criteria:
 20 (a) such nonprofit corporation's primary purpose is the creation and
 21 preservation of permanently affordable single-family or multi-family
 22 residences;

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD08745-01-5

 S. 5501 2

 1 (b) all dwellings and units located on land owned by such nonprofit
 2 corporation is sold to a qualified owner to be occupied as the qualified
 3 owner's primary residence or rented to persons or families of low income
 4 as defined in subdivision nineteen of section two of this chapter; and
 5 (c) the land owned by the nonprofit corporation, on which a dwelling
 6 or unit sold to a qualified owner is situated, is leased by such corpo-
 7 ration to the qualified owner for the convenient occupation and use of
 8 such dwelling or unit for an initial term of ninety-nine years with
 9 renewal rights under the same initial terms and conditions.
 10 § 2. The private housing finance law is amended by adding a new
 11 section 59-j to read as follows:
 12 § 59-j. The New York state community land trust acquisition fund. The
 13 affordable housing corporation, created by section forty-five-b of this
 14 article, shall create and establish a special fund known as the New York
 15 state community land trust acquisition fund and shall pay into this fund
 16 any moneys which may be made available to such corporation for the
 17 purposes of this fund from any source