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Bill

S 5501

Relates to creating a new acquisition fund for community land trusts located in New York state

2025 Regular Session Introduced by Robert Jackson and 3 co-sponsors

Bill S 5501 creates a fund for community land trusts in New York, boosting their ability to acquire land for affordable housing and empowering local communities.

REPORTED AND COMMITTED TO FINANCE
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Bill Summary · S 5501

Summary of Bill S 5501

Overview

Bill Number: S 5501
Title: Relates to creating a new acquisition fund for community land trusts located in New York state
Status: Reported and Committed to Finance
Introduced: February 21, 2025
Classification: Bill

Purpose and Intent

The primary purpose of Bill S 5501 is to establish a dedicated acquisition fund aimed at supporting community land trusts (CLTs) across New York State. This initiative seeks to enhance the capacity of CLTs to acquire and develop land for affordable housing and community development, thereby promoting sustainable and equitable growth within local communities.

Key Provisions

  • Creation of Acquisition Fund: The bill proposes the establishment of a new fund specifically designated for the acquisition of land by community land trusts.
  • Funding Mechanism: While specific funding amounts are not detailed in the current version, the bill outlines a framework for how the fund will be financed, potentially through state appropriations or other revenue sources.
  • Eligibility Criteria: Community land trusts that meet certain criteria will be eligible to apply for funding from this acquisition fund, although specific eligibility requirements will need to be defined in subsequent regulations.
  • Use of Funds: The funds can be utilized for purchasing land, covering associated costs, and supporting the development of affordable housing projects.

Impact

  • Community Land Trusts: The bill is expected to significantly benefit community land trusts by providing them with the necessary financial resources to acquire land, which is often a barrier to developing affordable housing.
  • Affordable Housing Development: By facilitating land acquisition, the bill aims to increase the availability of affordable housing options in New York, addressing the ongoing housing crisis in many urban and rural areas.
  • Local Communities: The establishment of this fund is anticipated to empower local communities, allowing them to take control of land use and development in a way that aligns with their needs and priorities.

Legislative Timeline

  • February 21, 2025: Bill S 5501 was introduced and referred to the Committee on Housing, Construction and Community Development.
  • March 10, 2025: The bill was reported out of committee and committed to the Finance Committee for further consideration.

Related Bills

  • S 8265: A prior-session bill that may have addressed similar issues.
  • S 2506: Another prior-session bill related to community land trusts.
  • A 6135: A companion bill in the Assembly that aligns with the objectives of S 5501.

This summary provides a clear understanding of Bill S 5501, its objectives, and its potential impact on community land trusts and affordable housing in New York State.

Compiled from official sources — confirm details with the bill’s official record.

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