New York A 799: Relates to collective employment negotiations, notice of the issuance of debt and capital plans and projects of the port authority of New York and New Jersey

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A00799 Summary:

BILL NOA00799 

&nbsp

SAME ASSAME AS S00733

&nbsp

SPONSORLasher

&nbsp

COSPNSRRosenthal

&nbsp

MLTSPNSR

&nbsp

Add §59-j, Priv Hous Fin L; add §99-ss, St Fin L

&nbsp

Establishes a housing project revolving loan program and housing project revolving loan fund to encourage the development of mixed income housing by providing zero-percent interest or low-interest loans.

Go to top A00799 Actions:

BILL NOA00799 

&nbsp

01/08/2025referred to housing

01/07/2026referred to housing

Go to topA00799 Committee&nbspVotes:

Go to topA00799 Floor&nbspVotes:

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

Go to topA00799 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 799

 2025-2026 Regular Sessions

 IN ASSEMBLY

 (Prefiled)

 January 8, 2025
 ___________

 Introduced by M. of A. LASHER -- read once and referred to the Committee
 on Housing

 AN ACT to amend the private housing finance law and the state finance
 law, in relation to establishing a housing project revolving loan
 program and housing project revolving loan fund

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

 1 Section 1. The private housing finance law is amended by adding a new
 2 section 59-j to read as follows:
 3 § 59-j. Housing project revolving loan program. 1. For the purposes of
 4 this section, the following terms shall have the following meanings:
 5 (a) "Eligible housing project" means a project to build mixed income
 6 housing where at least twenty percent of units will be rented to indi-
 7 viduals at or below fifty percent of the area median income.
 8 (b) "Program" means the housing project revolving loan program estab-
 9 lished pursuant to this section.
 10 (c) "Residential housing developer" means a for-profit entity, non-
 11 profit entity, or public authority proposing to build an eligible hous-
 12 ing project.
 13 2. The agency is hereby authorized and directed to establish a housing
 14 project revolving loan program to provide zero-percent interest or low-
 15 percent interest loans, in accordance with subdivision four of this
 16 section, to residential housing developers to finance eligible housing
 17 projects. Notwithstanding the provisions of any law to the contrary,
 18 state financial assistance in the form of a loan may be provided for
 19 costs of eligible projects for capital costs related to such projects.
 20 3. (a) The agency shall develop a method whereby residential housing
 21 developers may apply to the agency to receive loans under the program
 22 for eligible housing projects. The agency, after review of the fiscal
 23 needs of such eligible housing projects, shall make a determination,

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD01304-01-5

 A. 799 2

 1 subject to any restrictions under this section, as to the residential
 2 housing developers to be awarded state financial assistance under this
 3 section, and the amount of such financial assistance. In making such
 4 determinations, the agency shall consider the potential impact of eligi-
 5 ble housing projects, and the needs of the areas where such eligible
 6 housing projects would be located, with a goal of maximizing affordable
 7 housing production. The agency shall ensure that such financial assist-
 8 ance awards are made to residential housing developers for eligible
 9 housing projects located in all geographic regions of the state from
 10 which applications for such financial assistance are made.
 11 (b) The agency shall be authorized to allocate funds for financial
 12 assistance to other housing finance agencies in the state, as determined
 13 by the agency, to be used for the purposes under subdivision two of this
 14 section.
 15 4. Financial assistance awarded under subdivision three of this
 16 section shall be provided from the housing project revolving loan fund
 17 established under section ninety-nine-ss of the state finance law. Such
 18 financial assistance shall be awarded in the form of a loan, with a
 19 zero-interest or low-interest rate, to be determined on a case-by-case
 20 basis by the agency. Such loans may be in the form of mezzanine debt,
 21 full constructi