NY S07772

Amends the definition of "appropriate nonprofit organization" to require 501(c)(3) or 501(c)(4) tax-exempt status under the Internal Revenue Code and formation pursuant to the not-for-profit corporation law.

Increases the income averaging requirement for "affordable housing" from 50 percent to 60 percent of area median income, while maintaining the 80 percent area median income cap for resident eligibility.

Clarifies that the housing program finances both acquisition and/or conversion of distressed hotels and commercial office properties, and removes language authorizing the state to identify such properties.

Changes the minimum kitchen appliance requirement from a 24-inch refrigerator to one with 7-cubic feet capacity, and specifies that at least 50 percent of converted units (not properties) must be set aside for formerly homeless individuals and families.

Modifies prevailing wage requirements and regulatory enforcement provisions to ensure permanent affordability through enforceable restrictions and the ability to cancel or transfer agreements for non-compliance.