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NY A07716
Bill
Status
Introduced
5/20/2021
Primary Sponsor
Steven Cymbrowitz
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AI Summary
- Extends the maximum loan term for housing trust fund corporation projects from 30 years to 40 years
- Specifies that eligible purchasers of housing finance agency and New York city housing development corporation bonds include the federal home loan mortgage corporation, federal national mortgage association, governmental national mortgage association, and their successors
- Maintains existing requirements that private developers make equity investments of at least 2.5% or 5% of project costs less grants
- Preserves allocation limits restricting projects to 50% per municipality and 33.33% each to private developers in cities over one million population and outside such cities
- Takes effect immediately, with sunset provisions tied to the repeal of related subdivisions in the private housing finance law
Legislative Description
Relates to authorizing powers of the housing trust fund corporation and specifies the scope of eligible purchasers of the housing finance agency and New York city housing development corporation bonds.
Last Action
substituted by s7149
6/9/2021
Committee Referrals
Rules5/26/2021
Ways and Means5/24/2021
Housing5/20/2021
Full Bill Text
No bill text available