N.Y. PVH Law § 1290 — New York Code / Act PVH / Article 32 / Section 1290
New York housing for the future homeownership program
Status: in_force

§ 1290. New York housing for the future homeownership program. 1.\nProgram establishment. Within amounts appropriated or otherwise\navailable therefor, the division of housing and community renewal, the\nhousing trust fund corporation, or the housing finance agency shall\ndevelop and administer a program which shall provide assistance in the\nform of payments, grants and loans for the formation of limited equity\ncooperative housing utilizing funding appropriated for such a purpose as\nwell as any other funding source or sources which the commissioner may\ndetermine is suitable to support such a program. Such program may\nutilize any appropriate site, including, but not limited to, state owned\nsites, municipally owned sites, or sites owned by a not-for-profit\ncorporation or community land trust for the purpose of providing housing\npursuant to this section. Real property may be acquired by a\nmunicipality for the purpose of such program as authorized pursuant to\nsection five hundred seventy-six-a of this chapter, provided, however,\nthat any acquisitions or transfers undertaken to further the goals of\nthis article pursuant to such section shall not be required to be\ntransferred to a housing development fund company incorporated and\norganized pursuant to section five hundred seventy-three of this\nchapter. Such program shall provide (a) housing for households with an\nincome up to one hundred and thirty percent of area median income at the\ntime of purchase, provided further that households that are initially\neligible for the program at the time of purchase but realize income\ngains subsequent to purchase may be required to pay a surcharge as\ndetermined by the division of housing and community renewal or other\nsupervising agency, as the case may be, (b) a process in which\nhouseholds shall have the ability to accrue equity over time, and (c)\nthat housing units created pursuant to this section remain affordable in\nperpetuity. The commissioner may also assist prospective homebuyers to\nidentify funding sources that provide low interest loans to prospective\nhomebuyers.\n  2. Additional responsibilities. The division of housing and community\nrenewal, the housing trust fund corporation, or the housing finance\nagency shall have the power to issue regulations, plans, guidance\ndocuments, or set terms in regulatory agreements to implement such\nprogram and the process for:\n  (a) homebuyers obtaining a new unit which shall include both\nconfirming income qualifications as well as a restriction on the maximum\namount of assets any qualified homebuyer may have;\n  (b) selling shares in the cooperative in such a way as the\naffordability of the cooperative is maintained while allowing households\nto gain equity over time;\n  (c) prohibiting the use of a fixed percentage appreciation cap for the\npurposes of determining an allowable sales price for shares in the\ncooperative;\n  (d) selecting new households eligible to purchase housing which has\nbeen vacated by a previous owner; and\n  (e) the creation of boards of directors for such limited profit\nhousing companies established by this chapter, provided however that\nsuch boards shall have the powers and be subject to the limitations\ncontained in the not-for-profit corporation law in the same manner and\nsubject to the same exceptions as set forth in section thirteen-a of the\nthis chapter.\n  3. Management. All such housing projects shall be managed\nindependently of the residents of the project by a corporation or\nnot-for-profit corporation determined qualified by the division of\nhousing and community renewal or other supervising agency, as the case\nmay be, provided further that the board of the limited equity\ncooperative housing corporation shall have oversight over such qualified\ncorporation or not-for-profit corporation in accordance with standards\nor guidelines set by the division of housing and community renewal or\nother supervising agency, as the case may be. Any regulatory agreement\nthat is executed for such program shall include a requirement that\nresident maintenance fees increase by a minimum percentage annually to\nensure that such housing continues to be in good repair.\n  4. Tax exemptions. Housing for such program shall be eligible for tax\nexemptions in the same manner as projects under article eleven of this\nchapter.\n  5. Wage requirements. Notwithstanding any law, rule, or regulation to\nthe contrary, any project constructed pursuant to this section shall be\nsubject to prevailing wage requirements in accordance with sections two\nhundred twenty and two hundred twenty-b of the labor law; provided,\nhowever, such requirements shall not apply to construction work\nperformed under a pre-hire collective bargaining agreement between an\nowner or developer and a bona fide building and construction trade labor\norganization which has established itself and/or its affiliates as the\ncollective bargaining representative for all persons who will perform\nwork on such a project, and which provides that only contractors and\nsubcontractors who sign a pre-negotiated agreement with the labor\norganization can perform work on such a project.\n