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NY A07503
Bill
Status
5/25/2023
Primary Sponsor
Brian Cunningham
Click for details
AI Summary
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Authorizes the Division of Homes and Community Renewal to make loans or grants to property owners for construction, rehabilitation, conversion, acquisition, or refinancing of housing accommodations.
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Requires property owners receiving loans or grants to execute a regulatory agreement binding them and their successors to rent all housing accommodations at prices not exceeding 33 percent of tenant income.
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Permits loans to be secured by mortgages on the property, with loan terms including interest rates, repayment schedules, and prepayment provisions determined by the agency.
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Allows loan principal to be automatically reduced to zero upon continuous compliance with the regulatory agreement if the agency determines such reduction is necessary for affordability or economic viability.
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Grants the agency authority to promulgate rules, charge filing fees up to $1,000 per dwelling unit, and enforce compliance through subpoenas and document production requirements.
Legislative Description
Establishes an affordable housing program to be administered by the division of homes and community renewal which will provide loans or grants to certain property owners; provides that property owners receiving such loans or grants shall rent such property for no more than thirty-three percent of a tenant's income.
Last Action
referred to housing
1/3/2024