Senate Bill S1280

2023-2024 Legislative Session

Creates a middle income home ownership subsidy program

download bill text pdf

Sponsored By

Current Bill Status - In Senate Committee Housing, Construction And Community Development Committee


  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2023-S1280 (ACTIVE) - Details

Current Committee:
Senate Housing, Construction And Community Development
Law Section:
Public Housing Law
Laws Affected:
Add Art 11-A §§250 - 255, Pub Hous L
Versions Introduced in Other Legislative Sessions:
2015-2016: S5594
2017-2018: S3805
2019-2020: S2207
2021-2022: S3369

2023-S1280 (ACTIVE) - Summary

Creates a middle income home ownership subsidy program to assist persons with an income below the current median income for the city of New York with the purchase of a residence in an urban area.

2023-S1280 (ACTIVE) - Sponsor Memo

2023-S1280 (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   1280
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                             January 11, 2023
                                ___________
 
 Introduced by Sens. BAILEY, SEPULVEDA -- 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 public housing law, in relation to creating a middle
   income home ownership subsidy program

   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  The public housing law is amended by adding a new article
 11-A to read as follows:
                                ARTICLE 11-A
                   MIDDLE INCOME HOME OWNERSHIP SUBSIDY
 SECTION 250. DEFINITIONS.
         251. MIDDLE INCOME HOME OWNERSHIP SUBSIDY PROGRAM.
         252. APPLICATIONS.
         253. AMOUNT AND  PROCEDURE  FOR  MIDDLE  INCOME  HOME  OWNERSHIP
                SUBSIDY PAYMENTS.
         254. RULES AND REGULATIONS.
         255. FUNDING  FOR  THE  MIDDLE  INCOME  HOME  OWNERSHIP  SUBSIDY
                PROGRAM.
   § 250. DEFINITIONS. FOR PURPOSES OF THIS ARTICLE, THE FOLLOWING  TERMS
 SHALL HAVE THE FOLLOWING MEANINGS:
   1. "ELIGIBLE UNIT" SHALL MEAN:
   A.  ANY  (I)  HOME WITH TWO OR FEWER UNITS; (II) CONDOMINIUM; OR (III)
 COOPERATIVE;
   B. WHERE THE PURCHASE OF SUCH HOME,  CONDOMINIUM,  OR  COOPERATIVE  IS
 PROVIDED FOR, INSURED, OR GUARANTEED BY THE STATE OR FEDERAL GOVERNMENT;
   C. LOCATED IN AN URBAN AREA AS DEFINED BY THE DIVISION.
   2.  "QUALIFIED  HOUSEHOLD"  SHALL MEAN ANY PERSON OR HIS OR HER FAMILY
 MEMBER WHO:
   A. HAS AN ANNUAL HOUSEHOLD INCOME BELOW THE CURRENT MEDIAN INCOME  FOR
 THE CITY OF NEW YORK, PROVIDED, THAT ANY SUBSIDY RECEIVED AS A RESULT OF

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD04421-01-3
              

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