NY A02244

Establishes a disabled and elderly accessory apartment loan program to construct new dwelling units or renovate existing units of up to two bedrooms within structures containing no more than two total units

Requires at least one unit to be owner-occupied and at least one unit to be occupied by a household including a person with a disability or someone age 62 or older

Limits loans to the lesser of 50% of total development costs or $50,000, with terms of up to 30 years and possible 10-year extensions

Mandates that a deed restriction be recorded requiring the property be used for rental or ownership housing until the loan is fully repaid or foreclosed

Requires at least half of loan program beneficiaries to have income below 80% of area median income as determined by HUD