NY A10293

Establishes an Affordable Housing Relief Fund Program administered by the Housing Trust Fund Corporation to provide forgivable loans for stabilization and recapitalization of distressed affordable multifamily rental properties.

Provides up to $50,000 per income-restricted housing unit as a zero percent interest loan with no monthly payments that is forgiven after ten years, with repayment obligation decreasing by 1/120 per month if property is sold or defaults on affordability requirements within the ten-year period.

Limits eligible projects to existing 100 percent affordable or supportive multifamily rental properties subject to regulatory agreements with municipal, state, or federal housing agencies, with applicants required to be in good standing and not in default on existing mortgages.

Allows program funds to be used for deferred maintenance, capital repairs, emergency repairs, and debt restructuring to prevent default and preserve the affordable housing supply.

Requires the Housing Trust Fund Corporation to submit an annual report by January 31st detailing applications received, award dispositions, contract amounts, and activities performed by grantees.