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NY S05501
Bill
Status
2/21/2025
Primary Sponsor
Brian Kavanagh
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AI Summary
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Adds community land trusts as eligible applicants for affordable housing programs under the Private Housing Finance Law
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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
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Requires community land trusts to sell dwellings to qualified owners for primary residence or rent to low-income persons, with land leased for 99-year terms with renewal rights
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Creates the New York State Community Land Trust Acquisition Fund, administered by the Affordable Housing Corporation, to receive state appropriations and other funding sources
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Restricts fund expenditures exclusively to supporting community land trusts under the affordable home ownership development program
Legislative Description
Relates to creating a new acquisition fund for community land trusts located in New York state; provides that moneys of the fund shall be expended solely to carry out the affordable home ownership development program exclusively for community land trusts; defines community land trusts.
Last Action
REPORTED AND COMMITTED TO FINANCE
2/25/2026