New York S 2441: Establishes the community development financial institution disability housing program within the New York state urban development corporation

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S02441 Summary:

BILL NOS02441 

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SAME ASSAME AS A10546

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SPONSORCOMRIE

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COSPNSR

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MLTSPNSR

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Add §16-bb, UDC Act

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Establishes the community development financial institution disability housing program within the New York state urban development corporation.

Go to top S02441 Actions:

BILL NOS02441 

&nbsp

01/17/2025REFERRED TO CORPORATIONS, AUTHORITIES AND COMMISSIONS

01/07/2026REFERRED TO CORPORATIONS, AUTHORITIES AND COMMISSIONS

Go to topS02441 Committee&nbspVotes:

Go to topS02441 Floor&nbspVotes:

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

Go to topS02441 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 2441

 2025-2026 Regular Sessions

 IN SENATE

 January 17, 2025
 ___________

 Introduced by Sen. COMRIE -- read twice and ordered printed, and when
 printed to be committed to the Committee on Corporations, Authorities
 and Commissions

 AN ACT to amend the New York state urban development corporation act, in
 relation to establishing a community development financial institution
 disability housing program

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

 1 Section 1. Section 1 of chapter 174 of the laws of 1968, constituting
 2 the New York state urban development corporation act, is amended by
 3 adding a new section 16-bb to read as follows:
 4 § 16-bb. Community development financial institution disability hous-
 5 ing program. 1. Legislative intent. The legislature hereby finds that
 6 the increased development of housing suitable for individuals with
 7 mental and developmental disabilities is a priority of the state and
 8 that community development financial institutions can effectively lever-
 9 age public funds to finance the construction of this kind of housing.
 10 2. Definitions. As used in this section, the following terms shall
 11 have the meanings indicated:
 12 (a) "community development financial institution" or "CDFI" shall have
 13 the same meaning as such terms are defined in subdivision 2 of section
 14 sixteen-o of this act.
 15 (b) "community development financial institutions fund" shall mean the
 16 fund as defined in subdivision 2 of section sixteen-o of this act.
 17 (c) "supportive living facility" shall have the same meaning as such
 18 term is defined in subdivision 28-b of section 1.03 of the mental
 19 hygiene law.
 20 (d) "supervised living facility" shall have the same meaning as such
 21 term is defined in subdivision 28-a of section 1.03 of the mental
 22 hygiene law.

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD05026-01-5

 S. 2441 2

 1 3. Purpose. The corporation shall allocate funds in the community
 2 development financial institutions fund not to exceed twenty-five
 3 million dollars to community development financial institutions involved
 4 in the financing and development of supportive and supervised living
 5 facilities in order to develop additional housing for individuals with
 6 developmental and mental disabilities in the state.
 7 4. Rules and regulations. The corporation, in consultation with the
 8 office of mental health, the office for people with developmental disa-
 9 bilities and the office of addiction services and supports shall be
 10 authorized to promulgate rules and regulations in accordance with the
 11 state administrative procedure act that are necessary to fulfill the
 12 purposes of this section.
 13 5. Allocations of funds pursuant to this section shall be subject to
 14 all the provisions of section sixteen-o of this act.
 15 § 2. This act shall take effect on the one hundred eightieth day after
 16 it shall have become a law. Effective immediately, the addition, amend-
 17 ment and/or repeal of any rule or regulation necessary for the implemen-
 18 tation of this act on its effective date are authorized to be made and
 19 completed on or before such effective date.

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