This is an update of new and pending legislation in Albany.
New York Subprime Predatory Lending Prevention Act (A.10679/S.6394)
Assemblyman Brennan (D-Brooklyn) introduced comprehensive legislation known as the New York Subprime Predatory Lending Prevention Act. The bill imposes numerous consumer protections relating to the issuance of subprime home loans. Some specific provisions include: prohibiting the granting of subprime loans without regard to the borrowers’ repayment ability; holding lenders responsible for policing their associated appraisers; prohibiting originators from influencing the appraisal process; and requiring the legend on subprime lending documents to explicitly state "This loan is a subprime home loan and is subject to the New York Subprime Predatory Prevention Act." The legislation is also sponsored by Senator Klein (D-Bronx).
First Time Homebuyer Property Tax Exemption (S.7634)
Senator Hannon (R-Nassau) introduced legislation to provide a property tax exemption to certain first time homebuyers. The bill would apply to first time homebuyers between the ages of 18-40 with a household income up to $150,000 and would phase out on a sliding scale over a ten year period from the date of purchase. NYSAR will be issuing a memo in support of this legislation in the coming weeks. See link to view bill text: http://www.assembly.state.ny.us/leg/?bn=S07634&sh=t
Freshwater Wetland Authority (A.7133)
The Assembly passed NYSAR-opposed legislation sponsored by Assemblyman Sweeney (D-Lindenhurst) to expand the state Department of Environmental Conservation’s ability to regulate wetlands. The current threshold is at least 12.4 acres unless the wetland is determined to be of unusual importance. This measure would reduce that size to one acre or more. NYSAR believes this reduction could seriously hinder the creation of affordable housing and economic development throughout the state. The legislation is carried by Senator Marcellino (R-Syosset) where it has remained stalled in the Environmental Conservation committee. See link to view bill text: http://www.assembly.state.ny.us/leg/?bn=A07133&sh=t
The following are news items that discuss recent developments at the Capitol
Lawmakers Infuse $$ Into State’s Affordable Housing Programs
The latest state budget invests over $300 million in affordable housing programs, reflecting a $200 million increase over traditional levels. The additional funds are intended to bolster existing state programs designed to build and preserve affordable housing throughout the Empire state. Commissioner VanAmerongen of the Division of Housing and Community Renewal (DHCR), said: "Thanks to the leadership of Governor Paterson and the members of the Legislature, we are making an unprecedented investment in affordable and supportive housing that will pay dividends for all the residents of New York State." See link to view complete details of the specific housing programs: http://www.dhcr.state.ny.us/general/public/press080410.htm
NYS Division of Housing and Community Renewal Announce $500,000 in Grants
The NYS Community Development Block Grant program has awarded 21 communities across Upstate with grants to help provide affordable housing and jump start local economies. The grants may be used for a number of planning activities to help municipalities identify and prioritize community development needs, goals and create sustainable strategies to achieve them. The City of Cortland, for example will apply their grant toward developing a plan to revitalize its East End neighborhood and Albany County will develop a workforce housing plan. See link to view the complete list of grant recipients: http://www.dhcr.state.ny.us/
Clock Ticking on NY’s Property Tax Relief Commission
The State Commission on Property Tax Relief has conducted eight meetings to explore various options to help alleviate the state’s crushing property tax burden. The dilemma of getting teachers unions, school boards, business groups and the general public to find consensus has become a major stumbling block. Suggestions such as imposing a cap on property taxes and a tax circuit breaker, meaning taxpayers wouldn’t pay more than a certain percentage of their income in property taxes have been discussed with very little agreement on a final resolution. The commission faces the daunting task of submitting a report to the governor by May 22 detailing a plan to cut property taxes which meets the simultaneous needs of the public and various interest groups.
New York Subprime Predatory Lending Prevention Act (A.10679/S.6394)
Assemblyman Brennan (D-Brooklyn) introduced comprehensive legislation known as the New York Subprime Predatory Lending Prevention Act. The bill imposes numerous consumer protections relating to the issuance of subprime home loans. Some specific provisions include: prohibiting the granting of subprime loans without regard to the borrowers’ repayment ability; holding lenders responsible for policing their associated appraisers; prohibiting originators from influencing the appraisal process; and requiring the legend on subprime lending documents to explicitly state "This loan is a subprime home loan and is subject to the New York Subprime Predatory Prevention Act." The legislation is also sponsored by Senator Klein (D-Bronx).
First Time Homebuyer Property Tax Exemption (S.7634)
Senator Hannon (R-Nassau) introduced legislation to provide a property tax exemption to certain first time homebuyers. The bill would apply to first time homebuyers between the ages of 18-40 with a household income up to $150,000 and would phase out on a sliding scale over a ten year period from the date of purchase. NYSAR will be issuing a memo in support of this legislation in the coming weeks. See link to view bill text: http://www.assembly.state.ny.us/leg/?bn=S07634&sh=t
Freshwater Wetland Authority (A.7133)
The Assembly passed NYSAR-opposed legislation sponsored by Assemblyman Sweeney (D-Lindenhurst) to expand the state Department of Environmental Conservation’s ability to regulate wetlands. The current threshold is at least 12.4 acres unless the wetland is determined to be of unusual importance. This measure would reduce that size to one acre or more. NYSAR believes this reduction could seriously hinder the creation of affordable housing and economic development throughout the state. The legislation is carried by Senator Marcellino (R-Syosset) where it has remained stalled in the Environmental Conservation committee. See link to view bill text: http://www.assembly.state.ny.us/leg/?bn=A07133&sh=t
The following are news items that discuss recent developments at the Capitol
Lawmakers Infuse $$ Into State’s Affordable Housing Programs
The latest state budget invests over $300 million in affordable housing programs, reflecting a $200 million increase over traditional levels. The additional funds are intended to bolster existing state programs designed to build and preserve affordable housing throughout the Empire state. Commissioner VanAmerongen of the Division of Housing and Community Renewal (DHCR), said: "Thanks to the leadership of Governor Paterson and the members of the Legislature, we are making an unprecedented investment in affordable and supportive housing that will pay dividends for all the residents of New York State." See link to view complete details of the specific housing programs: http://www.dhcr.state.ny.us/general/public/press080410.htm
NYS Division of Housing and Community Renewal Announce $500,000 in Grants
The NYS Community Development Block Grant program has awarded 21 communities across Upstate with grants to help provide affordable housing and jump start local economies. The grants may be used for a number of planning activities to help municipalities identify and prioritize community development needs, goals and create sustainable strategies to achieve them. The City of Cortland, for example will apply their grant toward developing a plan to revitalize its East End neighborhood and Albany County will develop a workforce housing plan. See link to view the complete list of grant recipients: http://www.dhcr.state.ny.us/
Clock Ticking on NY’s Property Tax Relief Commission
The State Commission on Property Tax Relief has conducted eight meetings to explore various options to help alleviate the state’s crushing property tax burden. The dilemma of getting teachers unions, school boards, business groups and the general public to find consensus has become a major stumbling block. Suggestions such as imposing a cap on property taxes and a tax circuit breaker, meaning taxpayers wouldn’t pay more than a certain percentage of their income in property taxes have been discussed with very little agreement on a final resolution. The commission faces the daunting task of submitting a report to the governor by May 22 detailing a plan to cut property taxes which meets the simultaneous needs of the public and various interest groups.
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