§ 402-b. Power of authority to enter into mixed-finance transactions\nto continue viability of public housing. 1. Legislative findings and\ndeclaration. The legislature finds and declares that the state has a\nvital interest in the continued viability of public housing. It is\nnecessary to ensure that public housing continues to serve low-income\nindividuals and families who would otherwise face homelessness or be\nforced into unsafe or unsanitary housing. Public housing functions as a\nsafety net for persons most in need of safe, decent and affordable\nhousing. The legislature further finds that the New York city housing\nauthority has made, and continues to make, a concerted effort to provide\npublic housing to individuals and families in need. Certain projects\nowned by the New York city housing authority have suffered deterioration\nover time, and the housing authority does not have sufficient resources\nto address this deterioration. An infusion of private capital is\nnecessary to ensure the continued success and long term viability of\nthese projects. The legislature further finds that bringing state\nfinanced public housing operated by the New York city housing authority\nwithin the public housing subsidized by the federal government, by\nutilizing the federal American Recovery and Reinvestment Act of 2009,\nwill allow the New York city housing authority to enter into mixed\nfinance transactions, which will result in receiving new operating and\ncapital subsidies from the federal government and preserve the units as\npublic housing. The legislature also finds that tenants living in the\nprojects that have been financed by the city of New York, commonly known\nas Marble Hill Houses, St. Mary's Park Houses, Bay View Houses,\nBoulevard Houses, Linden Houses and Samuel Houses, located in the city\nof New York, counties of Bronx, Kings and New York, will, through\nmultiple contracts and agreements among the New York city housing\nauthority, investment partners and the federal government, be afforded\nthe same protections as tenants living in the projects listed in\nsubdivision two of this section. The legislature therefore finds and\ndeclares that enactment of this section would enable redevelopment and\nrehabilitation of those certain New York state and New York city\nfinanced projects owned by the New York city housing authority, and the\ncontinued operation of said projects for persons and families of low\nincome.\n 2. Upon approval by the commissioner of the division of housing and\ncommunity renewal, the New York city housing authority is hereby\nauthorized to sell or lease all or part of the residential buildings\nwithin the projects commonly known as Marlboro Houses, Chelsea Houses,\nCastle Hill Houses, 344 East 28th Street, Amsterdam Addition, Bushwick\nHouses, Stephen Wise Towers, Arthur H. Murphy Houses, Baychester Houses,\nJonathan Williams Plaza, Drew-Hamilton Houses, Independence Towers,\nRutgers Houses, Stapleton Houses and Manhattanville Houses, located in\nthe city of New York, counties of Bronx, Kings, New York and Richmond,\nupon such terms and conditions and in such manner as the New York city\nhousing authority may deem appropriate and in compliance with the\nprovisions of this section. The commissioner of the division of housing\nand community renewal shall not grant such approval unless he or she\nmakes a finding that such sale or lease will enable the projects to be\nredeveloped and operated in such manner as to provide decent, safe and\nsanitary housing within the financial reach of persons and families of\nlow income and a further finding that new federal assistance is\nsignificantly more likely to be available to the projects listed in this\nsection if such approval is granted. There shall be no requirement for a\nfinding by the commissioner of the division of housing and community\nrenewal that provisions have been made to pay or otherwise assure\npayment or retirement of all bonds, notes and othe
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