NY A00799

Creates a housing project revolving loan program administered by the New York State Housing Finance Agency to provide zero-percent or low-interest loans to for-profit, non-profit, and public authority developers for mixed-income housing projects

Requires eligible housing projects to rent at least 20% of units to individuals at or below 50% of the area median income

Establishes a housing project revolving loan fund held jointly by the state comptroller and commissioner of taxation and finance, funded through appropriations and loan repayments

Mandates that developers repay loans in full upon project completion and obtain permanent financing from other sources, with repaid funds returning to the revolving loan fund

Prohibits combining program funds with federal low-income housing tax credits, but allows pairing with other subsidies and permits developers to charge fair market rent to Section 8 voucher holders