NY A05865

Amends the Private Housing Finance Law to add community land trusts as eligible applicants for affordable housing programs.

Defines "community land trust" as a 501(c)(3) nonprofit corporation whose primary purpose is creating and preserving permanently affordable single-family or multi-family residences.

Requires community land trusts to sell or rent dwellings to qualified owners for primary residence or to low-income persons and families, with land leased on initial 99-year terms with renewal rights.

Creates the New York State Community Land Trust Acquisition Fund administered by the Affordable Housing Corporation to provide financing exclusively to community land trusts.

Fund moneys may derive from state appropriations, loans under article nineteen of the Private Housing Finance Law, and investment income or interest earned on fund balances.