Qualifies the permitted use of proceeds from the lease of lands located at the state university of New York at Purchase

Purchase College lease money funds student aid

Effective immediately, Purchase College’s Board of Trustees must direct 75% of authorized land-lease proceeds to student financial aid. This aid serves New York residents eligible for a federal Pell Grant, state tuition assistance, or supplemental tuition assistance. The other 25% supports current and additional full-time faculty positions. Contracts and leases between SUNY and the Purchase College Advancement Corporation under this law require the Attorney General’s approval of their form. They also require approval from the state Budget Director and State Comptroller. The law sets no individual award amount and does not guarantee eligible students an award.