New York S 572: Authorizes cities and towns, except New York city, to establish community housing funds

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S00572 Summary:

BILL NOS00572 

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SAME ASSAME AS A00331

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SPONSORRYAN S

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COSPNSRJACKSON

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MLTSPNSR

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Add §6-w, Gen Muni L; add Art 33-C §§1575 - 1589, Tax L

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Authorizes cities and towns, except a city with a population of one million or more, to establish community housing funds; authorizes such cities and towns to impose a real estate transfer tax with revenues to be deposited in such funds; makes related provisions.

Go to top S00572 Actions:

BILL NOS00572 

&nbsp

01/08/2025REFERRED TO LOCAL GOVERNMENT

Go to topS00572 Committee&nbspVotes:

Go to topS00572 Floor&nbspVotes:

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

Go to topS00572 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 572

 2025-2026 Regular Sessions

 IN SENATE

 (Prefiled)

 January 8, 2025
 ___________

 Introduced by Sen. S. RYAN -- read twice and ordered printed, and when
 printed to be committed to the Committee on Local Government

 AN ACT to amend the general municipal law, in relation to authorizing
 cities and towns, except a city with a population of one million or
 more, to establish community housing funds; to amend the tax law, in
 relation to authorizing cities and towns, except a city with a popu-
 lation of one million or more, to impose a real estate transfer tax
 with revenues therefrom to be deposited in such funds; and providing
 for the repeal of certain provisions of the tax law relating thereto

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

 1 Section 1. The general municipal law is amended by adding a new
 2 section 6-w to read as follows:
 3 § 6-w. Community housing fund. 1. Definitions. As used in this
 4 section, the following words and terms shall have the following mean-
 5 ings:
 6 (a) "City or town" means a city, except a city with a population of
 7 one million or more, or a town.
 8 (b) "Community housing" means a primary residential property for an
 9 eligible individual. The governing body shall establish, by local law,
 10 purchase price limit for community housing, provided that limit shall
 11 not exceed one hundred fifty percent of the purchase price limits estab-
 12 lished by the state of New York mortgage agency low interest rate loan
 13 program in non-target categories for the county in effect on the
 14 contract date for the sale of such property. Community housing shall
 15 include apartments that are accessory to a legally established residen-
 16 tial or commercial use.
 17 (c) "Board" means the advisory board created pursuant to subdivision
 18 six of this section.

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 S LBD00173-01-5

 S. 572 2

 1 (d) "Fund" means the community housing fund authorized pursuant to
 2 subdivision two of this section.
 3 (e) "First-time homebuyer" means an eligible individual who has not
 4 owned a primary residential property and is not married to a person who
 5 has owned a residential property during the three-year period prior to
 6 such person's purchase of the primary residential property, and who does
 7 not own a vacation or investment home.
 8 (f) "Primary residential property" means any one or two family house,
 9 townhouse, or condominium, including accessory apartments.
 10 (g) "Eligible individual" shall be defined by the governing body, by
 11 local law, provided that the definition of household income in such
 12 local law shall not exceed one hundred percent of the income limits as
 13 established by the state of New York mortgage agency low interest rate
 14 loan program in non-target categories for the county in effect on the
 15 contract date for the sale of such property.
 16 (h) "Governing body" means a city council or town board.
 17 2. Fund authorized. Cities and towns are authorized to establish, by
 18 local law, a community housing fund, pursuant to the provisions of this
 19 section. Deposits into the fund may include revenues of the local
 20 government from whatever source, including but not limited to: (a) all
 21 revenues from the supplemental real estate transfer tax authorized by
 22 section fifteen hundred seve