Establishes a fund for community land trusts in New York to support affordable homeownership.

New York A06135 amends the private housing finance law to create the New York State Community Land Trust Acquisition Fund. This fund will receive moneys from various sources, including state appropriations and interest earnings, to support the affordable home ownership development program for community land trusts. Community land trusts are defined as nonprofit corporations primarily focused on creating and preserving affordable housing, with dwellings sold to qualified owners and leased back for 99 years with renewal rights.

Establishes a fund for community land trusts in New York to support affordable homeownership.

New York A06135 amends the private housing finance law to create the New York State Community Land Trust Acquisition Fund. This fund will receive moneys from various sources, including state appropriations and interest earnings, to support the affordable home ownership development program for community land trusts. Community land trusts are defined as nonprofit corporations primarily focused on creating and preserving affordable housing, with dwellings sold to qualified owners and leased back for 99 years with renewal rights.