NY S03372

Increases per dwelling unit grant limitations from $35,000 to $50,000 for standard projects and from $40,000 to $75,000 for high cost projects or projects receiving federal farmers home administration loans.

Authorizes grantees to establish resale restrictions on units receiving grants over $40,000, requiring resale to qualified low-income homebuyers for 60-99 years through deed restrictions, community land trusts, or limited-equity cooperative ownership.

Requires the corporation to establish tiered project funding levels based on length and depth of affordability when determining awards.

Allows pre-development projects that received prior commitments from the corporation to request additional capital under the amended law.

Takes effect 240 days after becoming law, with the commissioner of homes and community renewal authorized to implement necessary rules and regulations immediately.