NY A06593

Creates the "Housing Our Neighbors with Dignity Program" authorizing the state to purchase, acquire, and hold distressed hotels and commercial office properties or finance nonprofit organizations to acquire them for conversion to affordable housing.

Requires converted properties to remain permanently affordable through mechanisms such as 99-year renewable land leases with regulatory agreements, affordability restrictions in recorded documents, or community land trust leases.

Mandates that tenants pay no more than 30 percent of income toward rent, at least 50 percent of units serve formerly homeless individuals and families, and all units meet minimum habitability standards including private bathrooms and kitchen facilities.

Establishes permanent affordability restrictions and rent stabilization protections for converted properties, prohibiting tenant rejection based on credit history, criminal records, or immigration status; requires notification of collective bargaining representatives before hotel property acquisition.

Creates a "Social Housing Conversion Fund" in the state finance law to hold and expend moneys, grants, gifts, and bequests exclusively for purposes of implementing the housing program; takes effect 60 days after becoming law.