2013 New York Consolidated Laws
PVH - Private Housing Finance
Article 18-A - (1106 - 1106-J) LOW INCOME TURNKEY/ENHANCED HOUSING TRUST FUND PROGRAM
1106 - Legislative findings and declarations.

 
    §  1106. Legislative findings and declarations. The legislature hereby
  finds and declares that there is a serious shortage of decent affordable
  housing in the state for  persons  of  low  income;  that  the  cost  of
  providing  such  housing  without public participation and assistance is
  prohibitively  high;  that  programs  operated  by   municipal   housing
  authorities  and  municipalities  have  for decades provided hundreds of
  thousands of low income New Yorkers with  decent,  safe  and  affordable
  housing;  that  due  to the lack of funds available for leveraging state
  dollars for low income housing, and the delay that occurs when a variety
  of funding sources are used to produce such housing, a need  exists  for
  the  state  to  fully  finance  debt  free  low  income  housing.    The
  legislature  therefore  finds  that  a  program  should  be  established
  pursuant  to  which  the  housing  trust  fund corporation shall provide
  grants or loans to municipal  housing  authorities,  municipalities  and
  not-for-profit   organizations   or  charitable  organizations,  housing
  development fund companies, or private developers which shall be used to
  pay for all or a  portion  of  the  project  costs  of  constructing  or
  rehabilitating  turnkey/enhanced rental projects, and that such projects
  shall thereafter be owned by eligible owners for the benefit of  persons
  of  low income. The legislature intends that grants or loans provided to
  municipal housing authorities, or municipalities through the low  income
  turnkey/enhanced  housing  trust  fund  program shall not substitute for
  funds which such authorities or municipalities would have spent  in  the
  absence  of  such program, and that authorities and municipalities shall
  use such grants or loans to increase the supply of low income housing to
  levels greater than would have been possible without such program.