New York S 8178: Relates to requiring certain perils be covered under business interruption insurance during the coronavirus disease 2019 (COVID-19) pandemic

Bill Text

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 Speaker Carl E. Heastie

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S08178 Summary:

BILL NOS08178 

&nbsp

SAME ASSAME AS A08589

&nbsp

SPONSORKAVANAGH

&nbsp

COSPNSR

&nbsp

MLTSPNSR

&nbsp

Amd §1102, Priv Hous Fin L

&nbsp

Increases the amount of funds that may be used per dwelling unit to modernize certain authorities used by the housing trust fund corporation.

Go to top S08178 Actions:

BILL NOS08178 

&nbsp

05/19/2025REFERRED TO HOUSING, CONSTRUCTION AND COMMUNITY DEVELOPMENT

05/28/2025REPORTED AND COMMITTED TO FINANCE

06/10/2025COMMITTEE DISCHARGED AND COMMITTED TO RULES

06/10/2025ORDERED TO THIRD READING CAL.1780

06/10/2025SUBSTITUTED BY A8589

&nbspA08589 AMEND= Hooks

&nbsp05/21/2025referred to housing

&nbsp05/28/2025reported referred to ways and means

&nbsp05/29/2025reported referred to rules

&nbsp06/04/2025reported 

&nbsp06/04/2025rules report cal.408

&nbsp06/04/2025ordered to third reading rules cal.408

&nbsp06/04/2025passed assembly

&nbsp06/04/2025delivered to senate

&nbsp06/04/2025REFERRED TO RULES

&nbsp06/10/2025SUBSTITUTED FOR S8178

&nbsp06/10/20253RD READING CAL.1780

&nbsp06/10/2025PASSED SENATE

&nbsp06/10/2025RETURNED TO ASSEMBLY

&nbsp10/09/2025delivered to governor

&nbsp10/16/2025signed chap.462

Go to topS08178 Committee&nbspVotes:

Go to topS08178 Floor&nbspVotes:

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

Go to topS08178 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 8178

 2025-2026 Regular Sessions

 IN SENATE

 May 19, 2025
 ___________

 Introduced by Sen. KAVANAGH -- (at request of the New York State Homes
 and Community Renewal) -- 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 the
 amount of funds that may be used per dwelling unit to modernize
 certain authorities used by the housing trust fund corporation

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

 1 Section 1. Subdivision 1 of section 1102 of the private housing
 2 finance law, as amended by chapter 235 of the laws of 2021, is amended
 3 to read as follows:
 4 1. Within the limit of funds available in the housing trust fund
 5 account, the corporation is hereby authorized to enter into contracts
 6 with eligible applicants for the furnishing by such applicants of hous-
 7 ing for persons of low income. Each such contract shall provide that
 8 eligible applicants rehabilitate or construct one or more projects or
 9 convert one or more nonresidential properties. Such contracts may
 10 provide for payments, grants or loans by the corporation for the activ-
 11 ities to be carried out by the eligible applicant under the contract.
 12 Such contracts shall provide that a private developer make an equity
 13 investment of the greater of (i) two and one-half percent of project
 14 costs or (ii) five percent of project costs less grants which are to be
 15 applied to such costs. The foregoing shall not preclude a private devel-
 16 oper from making a greater equity investment. Any payments, grants or
 17 loans made by the corporation outstanding at the time of resale shall be
 18 subject to repayment in whole or in part upon resale after termination
 19 of the regulatory period and as otherwise provided therein. Such repay-
 20 ment provisions may survive the end of the regulatory period. Such
 21 contracts may provide that eligible applicants shall either (a) perform
 22 activities specified under the contract themselves or (b) act as admin-

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD10170-01-5

 S. 8178 2

 1 istrators of a program under which projects are rehabilitated or
 2 constructed or nonresidential properties are converted by other eligible
 3 applicants or (c) perform both such functions. In the case of a munici-
 4 pality acting as an administrator, funds provided to such municipality
 5 hereunder shall not be deemed to be municipal funds. The corporation
 6 shall refer any request for payments, grants or loans from persons of
 7 low income to eligible applicants in the area in which such persons
 8 reside. Loans may be in t