NY S06554

Amends the Private Housing Finance Law to allow grantees to use up to ten percent of program or project costs for operating expenses, including organization operating support and administration of affordable home ownership development contracts

Establishes that financial assistance for affordable home ownership development may not exceed the lesser of sixty percent of project cost for acquisition projects or one hundred percent for rehabilitation programs without acquisition, or per-unit caps of $35,000 (standard projects) or $40,000 (high-cost projects or those receiving federal Farmers Home Administration loans)

Allows financial assistance to be provided as loans, loan participations through lending institutions, pension funds or state mortgage agencies, or grants, with terms determined by the grantee with corporation approval

Restricts allocation so that no more than fifty percent of total appropriated funds in any fiscal year may be allocated to homes in a single municipality

Takes effect immediately upon enactment