§ 1106 — Legislative findings and declarations

New York § 1106

• Jurisdiction: New York
• Law PVH: Private Housing Finance
• Art. 18-A: Low Income Turnkey/enhanced Housing Trust Fund Program

Text

§ 1106. Legislative findings and declarations. The legislature hereby\nfinds and declares that there is a serious shortage of decent affordable\nhousing in the state for persons of low income; that the cost of\nproviding such housing without public participation and assistance is\nprohibitively high; that programs operated by municipal housing\nauthorities and municipalities have for decades provided hundreds of\nthousands of low income New Yorkers with decent, safe and affordable\nhousing; that due to the lack of funds available for leveraging state\ndollars for low income housing, and the delay that occurs when a variety\nof funding sources are used to produce such housing, a need exists for\nthe state to fully finance debt free low income housing. The\nlegislature therefore finds that a program should be established\npursuant to which the housing trust fund corporation shall provide\ngrants or loans to municipal housing authorities, municipalities and\nnot-for-profit organizations or charitable organizations, housing\ndevelopment fund companies, or private developers which shall be used to\npay for all or a portion of the project costs of constructing or\nrehabilitating turnkey/enhanced rental projects, and that such projects\nshall thereafter be owned by eligible owners for the benefit of persons\nof low income. The legislature intends that grants or loans provided to\nmunicipal housing authorities, or municipalities through the low income\nturnkey/enhanced housing trust fund program shall not substitute for\nfunds which such authorities or municipalities would have spent in the\nabsence of such program, and that authorities and municipalities shall\nuse such grants or loans to increase the supply of low income housing to\nlevels greater than would have been possible without such program.\n