NY A05593

Expands affordable housing loan program from New York City only to all municipalities statewide by replacing "city of New York" with "any municipality" and "municipality" throughout the private housing finance law.

Allows any municipality to provide loans up to 60% of actual total development costs for eligible housing projects on non-municipally-owned sites in blighted or deteriorated areas.

Designates a "supervising agency" for each municipality (an officer, board, commission, department, or public authority designated by the local legislative body) to administer the affordable housing loan program, with the Department of Housing Preservation and Development serving this role in New York City.

Maintains existing loan conversion provisions for one-to-four unit dwellings and rental projects, including 15-year affordability periods for owner-occupied units and 30-year rent restriction requirements for rental projects.

Applies profit limitation requirements and pre-development cost advance provisions to all municipalities, with certain rent stabilization requirements limited to New York City projects.