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NY A00328
Bill
Status
1/5/2011
Primary Sponsor
Marcus Molinaro
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AI Summary
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Authorizes municipalities to sell unoccupied municipally owned one- to four-family residential dwellings requiring rehabilitation to low and moderate income first-time homebuyers for nominal consideration.
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Requires purchasers to pay all closing costs and occupy the residential dwelling within sixty days of title closing or completion of repair/rehabilitation work.
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Defines "persons and families of low and moderate income" as those determined by the municipality to be unable to afford housing that would incentivize private enterprise to build adequate supply of safe dwellings.
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Permits municipalities to provide purchasers with technical assistance regarding rehabilitation planning, home repair, financing, mortgage applications, and property management.
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Requires municipalities to advise purchasers of available financing options through municipal, state, or federal agencies.
Legislative Description
Authorizes municipalities to sell municipally owned 1-4 family residential dwellings requiring rehabilitation to persons of low and moderate income who are first-time homebuyers, for nominal consideration; defines "persons and families of low and moderate income" as persons and families who are determined by the municipality to be in the low and moderate income groups and who cannot afford to pay enough to cause private enterprise in the municipality to build a sufficient supply of adequate, safe and sanitary dwellings.
Last Action
referred to housing
1/5/2011