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NY A02658
Bill
Status
1/21/2025
Primary Sponsor
Brian Cunningham
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AI Summary
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Establishes an "Affordability Program" under the Division of Homes and Community Renewal authorizing loans and grants to property owners for construction, rehabilitation, conversion, acquisition, or refinancing of housing accommodations
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Requires property owners receiving assistance to enter a regulatory agreement limiting tenant rent to no more than 33% of the tenant's income
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Allows loans to be secured by mortgages on assisted properties, with provisions for loan principal to be reduced to zero over time if owners maintain continuous compliance with affordability requirements
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Authorizes the agency to charge filing fees of up to $1,000 per dwelling unit for loan or grant applications
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Grants the agency enforcement powers including subpoena authority to examine witnesses and compel production of documents to monitor compliance with regulatory agreements
Legislative Description
Establishes an affordable housing program to be administered by the division of homes and community renewal which will provide loans or grants to certain property owners; provides that property owners receiving such loans or grants shall rent such property for no more than thirty-three percent of a tenant's income.
Last Action
referred to housing
1/7/2026