S. 9958 Summary

• Establishes a housing project revolving loan program authorizing the New York State Housing Finance Agency to provide zero-percent or low-interest loans to developers for mixed-income housing projects where at least 20% of units are rented to individuals at or below 50% of area median income.

• Creates the housing project revolving loan fund in the joint custody of the state comptroller and commissioner of taxation and finance to provide financing for eligible housing projects and receive repayment of loans.

• Loans may be structured as mezzanine debt, full construction financing, or other forms deemed appropriate by the agency, with interest rates and terms set on a case-by-case basis to cover operational costs without maximizing profits.

• Requires developers to obtain permanent financing from other sources for remaining debt after receiving initial program loans and mandates repayment of full loan amounts plus interest to the revolving fund upon project completion.

• Prohibits developers from pairing program funds with federal low-income housing tax credit program funds, but allows pairing with other subsidies and permits charging fair market rent to voucher holders.