NY A01729

Creates the Affordable Housing Relief Fund Program administered by the Housing Trust Fund Corporation to provide forgivable loans for recapitalization and stabilization of distressed affordable housing properties

Limits eligible projects to 100% affordable or supportive multifamily rental properties that are at-risk and subject to regulatory agreements with municipal, state, or federal housing agencies

Provides funding of up to $50,000 per income-restricted housing unit as zero-percent interest loans with no monthly payments, forgiven after 10 years of compliance

Requires repayment if the property is sold within 10 years or fails to comply with regulatory agreements, with the repayment amount decreasing by 1/120 each month the property remains compliant

Mandates annual reports to the legislature by January 31st detailing applications received, awards made, and specific activities performed by grantees