NY S07782

Department of Financial Services and Division of Housing and Community Renewal must jointly conduct a study on liability, fire, and casualty insurance costs and availability for affordable housing in New York State.

Study must analyze factors that have increased insurance costs for affordable housing developments and factors limiting insurers from offering coverage for such projects.

Study must identify potential impacts over the next ten years, including projected reduction in affordable housing units by region, inability to develop in certain areas, and other relevant issues.

Departments must submit a joint report to the Governor, legislative leaders within eleven months of the act's effective date containing findings and recommendations for legislative and regulatory actions.

This act amends and clarifies the scope of a 2021 law (S. 5231 and A. 5574) by specifically focusing on liability, fire, and casualty insurance rather than general insurance coverage.