S T A T E   O F   N E W   Y O R K
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                                  5649

                       2011-2012 Regular Sessions

                            I N  S E N A T E

                              June 8, 2011
                               ___________

Introduced  by  Sen.  YOUNG  -- 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 provid-
  ing authority for the New York city housing development corporation to
  acquire mortgage loans made by the city of New York pursuant  to  such
  law,  article  16  of the general municipal law or section 99-h of the
  general municipal law or to acquire a participation interest  in  such
  mortgage  loans and to make loans for the creation and preservation of
  affordable housing

  THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section  1.  Subdivision  23-g  of  section 654 of the private housing
finance law, as added by section 12 of part A of chapter 93 of the  laws
of 2002, is amended to read as follows:
  23-g.  Subject  to the provisions of any contract with noteholders and
bondholders, to acquire mortgage loans made by  the  city  of  New  York
pursuant  to article eight-A of this chapter OR SECTION NINETY-NINE-H OR
ARTICLE SIXTEEN OF THE GENERAL MUNICIPAL LAW or  to  acquire  a  partic-
ipation interest in such mortgage loans.
  S  2.  Section  654  of  the private housing finance law is amended by
adding a new subdivision 23-h to read as follows:
  23-H. SUBJECT TO THE PROVISIONS OF ANY CONTRACT WITH  NOTEHOLDERS  AND
BONDHOLDERS  AND  RELATING  TO THE PURPOSE OF PROVIDING HOUSING ACCOMMO-
DATIONS FOR OCCUPANCY BY PERSONS AND  FAMILIES  FOR  WHOM  THE  ORDINARY
OPERATIONS  OF  PRIVATE  ENTERPRISE CANNOT PROVIDE AN ADEQUATE SUPPLY OF
SAFE, SANITARY  AND  AFFORDABLE  HOUSING  ACCOMMODATIONS  OR  FOR  UNITS
LOCATED IN AN AREA DESIGNATED AS BLIGHTED PURSUANT TO ARTICLE FIFTEEN OR
SIXTEEN  OF  THE  GENERAL MUNICIPAL LAW, OR AS CERTIFIED BY THE NEW YORK
CITY DEPARTMENT OF HOUSING PRESERVATION AND DEVELOPMENT AS BEING LOCATED

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD13039-01-1

              

S. 5649                             2

IN AN AREA THAT IS BLIGHTED, THE CORPORATION  IS  HEREBY  AUTHORIZED  TO
CARRY OUT, BY LOANS OR GUARANTIES, THE FOLLOWING PURPOSES:
  (I)  TO PRESERVE, REPAIR, RENOVATE, UPGRADE, IMPROVE, MODERNIZE, REHA-
BILITATE OR OTHERWISE PROLONG  THE  USEFUL  LIFE  OF  DWELLING  ACCOMMO-
DATIONS;
  (II)  TO CONSTRUCT DWELLING ACCOMMODATIONS AND UNDERTAKE SITE PREPARA-
TION RELATED THERETO;
  (III) TO RESTORE ABANDONED, VACANT OR OCCUPIED CITY OR PRIVATELY-OWNED
DWELLING ACCOMMODATIONS TO HABITABLE CONDITION;
  (IV) TO ASSIST IN THE ACQUISITION OF BUILDINGS  THAT  CONTAIN  OR  ARE
EXPECTED TO CONTAIN DWELLING ACCOMMODATIONS; AND
  (V) TO FACILITATE THE DISPOSITION OF CITY-OWNED BUILDINGS THAT CONTAIN
OR ARE EXPECTED TO CONTAIN DWELLING ACCOMMODATIONS.
  S 3. Severability clause. If any clause, sentence, paragraph, subdivi-
sion,  section  or  part  of  this act shall be adjudged by any court of
competent jurisdiction to be invalid, such judgment  shall  not  affect,
impair,  or  invalidate  the remainder thereof, but shall be confined in
its operation to the clause, sentence, paragraph,  subdivision,  section
or part thereof directly involved in the controversy in which such judg-
ment shall have been rendered. It is hereby declared to be the intent of
the  legislature  that  this  act  would  have been enacted even if such
invalid provisions had not been included herein.
  S 4. This act shall take effect immediately.