NY A08696

Establishes a disabled and elderly accessory apartment loan program under the Private Housing Finance Law to provide financing for construction or renovation of housing units for persons with disabilities or those age 62 and older

Limits loans to construction of up to two-bedroom dwelling units (minimum 450 square feet) or renovation of existing units in structures containing no more than two total dwelling units

Caps loan amounts at the lesser of 50 percent of total development costs or $50,000

Requires at least one dwelling unit in the structure to be owner-occupied and at least one unit to be occupied by a household including a person with a disability or someone age 62 or older (who may be related to the borrower)

Mandates recording of deed restrictions requiring the property be used for rental or ownership housing for the benefit period until loan principal and interest are fully repaid