NY S03141

Establishes a Mobile and Manufactured Home Replacement Program within the Housing Trust Fund Corporation to fund replacement of dilapidated mobile and manufactured homes with new energy-efficient manufactured, modular, or site-built homes.

Defines eligible applicants as units of local government or not-for-profit corporations with at least one year of existence and substantial affordable housing experience, and eligible property owners with household income not exceeding 80 percent of area median income.

Limits individual contracts to $750,000 per eligible applicant in a specified region with completion required within four years (extendable one additional year for good cause), and individual grants capped at $200,000 per homeowner.

Provides financial assistance as 100 percent grants in the form of deferred payment loans with a ten-year declining balance lien; requires no payments unless property is sold or transferred, with funds recaptured on a declining balance basis unless an income-eligible family member assumes ownership.

Requires eligible property owners to attend homeownership training for post-purchase, credit/budget, and home maintenance counseling, and mandates the Corporation submit annual reports to the legislature detailing awards and program implementation.