NY S03373

Establishes the New York City Department of Housing Preservation and Development Homeowners Improvement Trust Fund, administered by the Commissioner of New York State Community Homes & Renewal, to pay approved repairs for homeowners affected by substandard housing in HPD projects.

Requires sponsors of HPD projects to contribute at least 5% of the total project value to the fund before project award, unless they provide a bond or meet warranty requirements; allows discontinuation by filing a bond and provides for return of 50% of funds after 30 months and remaining 50% after 60 months if no unresolved warranty issues exist.

Mandates HPD owner warranties covering: one-year protection against defects from poor workmanship; two-year protection for plumbing, electrical, heating, cooling and ventilation systems; and six-year protection against material defects in load-bearing structural elements and building code violations.

Establishes dispute resolution procedures allowing owners to file complaints within one year and ten days of delivery; authorizes the Commissioner to conduct administrative hearings and award compensation including repair costs and related fees; permits fund disbursements to pay awards when sponsors fail to pay within 30 days.

Sets civil penalties of up to $10,000 per violation (maximum $50,000 per HPD project) for violations of the article, with penalties deposited into the fund.