NY A04356

Expands affordable housing development loan program from New York City to all municipalities statewide by replacing references to "the city of New York" with "any municipality" and "a municipality" throughout the Private Housing Finance Law.

Allows municipalities to provide loans covering up to 60 percent of actual total development costs for eligible housing projects on non-municipally-owned sites in blighted or deteriorated areas.

Permits loan conversion after construction completion into mortgages for one to four unit dwellings (with 15+ year owner-occupancy periods) or non-interest bearing 30-year loans for rental projects with affordability restrictions.

Requires municipalities to designate a "supervising agency" (department, board, commission, or public authority) to administer the program, with New York City's Department of Housing Preservation and Development specified as its supervising agency.

Takes effect 90 days after enactment and includes provisions for pre-development cost advances to sponsors, profit limitations on rental projects, and conversion restrictions for cooperative/condominium units.