NY S08853

Establishes the Resilient New York revolving loan program to provide low or no-interest loans to municipalities, not-for-profit organizations, and individual property owners for hazard mitigation and resilience projects including flood mitigation, infrastructure improvements, and fire/earthquake retrofits.

Creates the Resilient New York revolving loan fund in joint custody of the state comptroller and commissioner of homeland security and emergency services, funded through FEMA capitalization grants under the federal STORM Act, appropriations, and loan repayments.

Permits loans to individual property owners to be attached to property taxes, allowing property sale with new owner assumption of debt obligation, and enables use of loans to satisfy non-federal match requirements for federal mitigation grants.

Requires applicants to demonstrate need for hazard mitigation assistance and ability to repay, with graduated loan forgiveness for eligible individual property owners based on income levels (full forgiveness for 50-80% of area median income; 50% forgiveness for 80-100% of area median income).

Directs the division to establish application procedures and eligibility criteria consistent with the STORM Act and requires the commissioner to submit a FEMA capitalization grant application.