NY A02839

Establishes a disabled and elderly accessory apartment loan program under the private housing finance law to fund construction or renovation of dwelling units for persons with disabilities or those age 62 and older

Limits loan proceeds to constructing or improving up to two-bedroom units of at least 450 square feet in structures with no more than two total dwelling units, with at least one unit owner-occupied

Caps loans at the lesser of 50 percent of total development costs or $50,000, with fixed interest rates determined by the director of housing and community development in consultation with the state treasurer

Requires at least one unit to be occupied by a person with a disability or age 62+ (who may be related to the borrower) and mandates property restrictions recorded with county deed registry for up to 30 years, extendable for additional ten-year periods

Requires at least half of loan program beneficiaries to have incomes below 80 percent of area-wide median income and directs the corporation to consider balanced geographic distribution when issuing loans