Bill > A06135

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 CLT must sell or rent dwellings to low-income individuals or families, and lease the land to qualified owners for 99 years with renewal rights. The New York State Affordable Housing Corporation will establish the fund, which can receive money from various sources including state appropriations. The funds can only be used to support community land trusts as defined in the bill, with the goal of expanding affordable homeownership opportunities. The bill adds this new fund to the existing private housing finance law, specifically defining community land trusts and creating a dedicated funding mechanism to support their affordable housing development efforts. By establishing this specialized acquisition fund, the legislation aims to support the creation and preservation of affordable housing through the community land trust model.

Housing and Urban Affairs

https://www.nysenate.gov/legislation/bills/2025/A6135