Bill > S05501

This bill creates a new acquisition fund specifically for community land trusts (CLTs) in New York state. A community land trust is defined as a non-profit organization with a primary purpose of creating and preserving permanently affordable housing. To qualify, the organization must sell dwellings to qualified owners or rent to low-income families, and lease the underlying land to the owner for 99 years with renewal rights. The New York State Affordable Housing Corporation will establish the fund, which can receive money from state appropriations, investments, and other sources. The funds can only be used to support CLT affordable home ownership development programs. By creating this dedicated fund, the bill aims to support the expansion and sustainability of community land trusts as a mechanism for maintaining affordable housing in New York, particularly by separating land ownership from building ownership and providing long-term leasing arrangements that keep housing costs low.

Budget and Finance, Housing and Urban Affairs

https://www.nysenate.gov/legislation/bills/2025/S5501