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NY A04544
Bill
Status
2/16/2023
Primary Sponsor
Gary Pretlow
Click for details
AI Summary
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Amends the Private Housing Finance Law to authorize grants for affordable home ownership development programs in New York State through contracts with eligible applicants.
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Establishes per dwelling unit limitations for financial assistance, including a new category of twenty-five thousand dollars for new construction and acquisition projects within the city of Yonkers.
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Allows financial assistance in the form of loans, loan participations, or grants to reduce costs of new construction, rehabilitation, home improvement, or acquisition of affordable housing.
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Limits assistance to the lesser of sixty percent of project cost for acquisition projects or one hundred percent for rehabilitation-only programs, subject to per dwelling unit caps.
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Restricts allocation so that no more than fifty percent of total annual appropriations may be allocated to homes in any single municipality.
Legislative Description
Makes provisions with respect to affordable housing within the city of Yonkers; provides funds of twenty-five thousand dollars in the affordable housing development account for new construction of affordable housing within the city of Yonkers and acquisition of existing housing stock cooperatives, condominiums and fee simple multi-family housing where appropriate.
Last Action
referred to housing
1/3/2024