NY A09325

Establishes a five-year rental improvement fund pilot program administered by the Division of Housing and Community Renewal providing capital grants up to $75,000 per unit to small landlords for renovations in Albany, Buffalo, Rochester, and Syracuse.

Makes up to 4,000 rental units eligible for grants, with allocation proportional to each city's population.

Requires landlords receiving grants to lease renovated units at reasonable rates for ten years and to repay grants in full if found to have increased rent unreasonably.

Provides additional $10,000 per unit over the ten-year period for maintenance purposes.

Creates the "rental improvement fund" in joint custody of the State Comptroller and Commissioner of Housing and Community Renewal to hold appropriated moneys for the pilot program.