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S00566 Summary:

Add Art 32 §§1290 - 1292, Priv Hous Fin L
Establishes the sustainable affordable housing incentive program to provide assistance in the form of payments, grants and loans for reasonable and necessary expenses to an eligible applicant for sustainable housing activities; defines terms.
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S00566 Actions:

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S00566 Text:

                STATE OF NEW YORK
                               2023-2024 Regular Sessions
                    IN SENATE
                                     January 5, 2023
        Introduced by Sens. KAVANAGH, MANNION -- 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 private housing finance law, in relation  to  estab-
          lishing the sustainable affordable housing incentive program

          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:
     1    Section 1. The private housing finance law is amended by adding a  new
     2  article 32 to read as follows:
     3                                ARTICLE XXXII
     5  Section 1290. Statement of legislative findings and purpose.
     6          1291. Definitions.
     7          1292. Sustainable affordable housing incentive program.
     8    § 1290. Statement of legislative findings and purpose. The legislature
     9  finds  and  declares  that climate change is having a significant impact
    10  upon our environment, health, and safety and it is necessary  to  imple-
    11  ment  programs and policies that immediately reduce greenhouse gas emis-
    12  sions. The legislature further  finds  that  residential  housing  is  a
    13  source  for  such  emissions and we can only address climate change in a
    14  meaningful manner if we change  our  practices  and  behaviors  as  they
    15  relate  to the construction of and improvements to such housing, such as
    16  the use of environmentally-sensitive design and the  construction  prac-
    17  tices  and materials; the installation of energy efficient products; and
    18  access to renewable energy sources.    Establishing  a  new  program  to
    19  encourage and publicly subsidize more environmentally-friendly practices
    20  and materials will reduce greenhouse gas emissions from multi-unit hous-
    21  ing throughout New York state and help address climate change for future
    22  generations.
    23    §  1291.  Definitions. For the purposes of this article, the following
    24  terms shall have the following meanings:
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.

        S. 566                              2
     1    1. "Corporation" shall mean the housing trust fund corporation  estab-
     2  lished in section forty-five-a of this chapter.
     3    2.  "Sustainable  affordable housing activities" shall mean activities
     4  by an eligible applicant for a specific work or series of works for  the
     5  creation,  preservation  or improvement of affordable housing which will
     6  reduce greenhouse gas emissions through the use of design, construction,
     7  materials and products, and access  to  renewable  energy  sources  that
     8  exceed  a  greenhouse gas emissions baseline for such housing, as deter-
     9  mined by the corporation in consultation with the New York state  energy
    10  research and development corporation.
    11    3.  "Eligible  applicant"  shall  mean a not-for-profit corporation or
    12  charitable organization, or a wholly-owned subsidiary of such  a  corpo-
    13  ration  or  organization,  or  a  private for-profit developer such as a
    14  person, corporation, partnership or limited liability company.
    15    4. "Affordable residential development" shall mean a  multiple  family
    16  dwelling which is subject to a regulatory agreement with a local, state,
    17  or federal government entity.
    18    §  1292.  Sustainable  affordable housing incentive program. 1. Within
    19  amounts appropriated or otherwise available  therefor,  the  corporation
    20  shall  develop and administer a sustainable affordable housing incentive
    21  program which shall provide assistance in the form of  payments,  grants
    22  and loans for reasonable and necessary expenses to an eligible applicant
    23  for sustainable housing activities.
    24    2. The corporation shall develop procedures, criteria and requirements
    25  related  to  the  application  and  award  of  projects pursuant to this
    26  section which shall include:   eligibility, market  demand,  feasibility
    27  and funding criteria; the funding determination process; supervision and
    28  evaluation  of  contracting applicants; reporting, budgeting and record-
    29  keeping requirements; provisions for  modification  and  termination  of
    30  contracts; and such other matters not inconsistent with the purposes and
    31  provisions  of  this  article as the corporation shall deem necessary or
    32  appropriate.
    33    § 2. This act shall take effect immediately.
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