NY A00489

Creates the Small Rental Housing Development Initiative to fund acquisition, rehabilitation, and construction of affordable rental housing with 2-20 units for households earning up to 120% of area median income

Provides zero-percent interest deferred payment loans with a 20-year payback period, with loans potentially forgiven if the applicant remains compliant with affordability requirements throughout the full affordability period

Limits eligibility to housing or community development not-for-profit organizations authorized to do business in New York State

Requires at least 60% of total funds awarded each fiscal year to be allocated to rural areas (cities, towns, and villages with populations under 30,000)

Allows developers to receive a fee of up to 15% of initiative funds and requires the Housing Trust Fund Corporation to establish additional procedures for application and award processes