NY A06489

Establishes the "Bucks for Boilers" program to help transition existing housing from oil and gas heating to electric heat pumps and high energy efficiency systems, funded by a new dedicated fund receiving $4 billion annually from NYSERDA

Provides income-based subsidies: 100% of project costs for households below 120% area median income, 80% for households between 120-180% AMI, and 50% for households above 180% AMI, with up to $50,000 per unit for privately owned residential housing

Prohibits fossil fuel emissions (defined as 25+ kg CO2 per million BTU) in existing buildings seven stories or less by December 31, 2029, and in all existing buildings by December 31, 2034, with exemptions for emergency generators, manufactured homes, and certain commercial facilities

Requires building owners receiving program funds to freeze rent increases for five years (prohibiting major capital improvement and individual apartment improvement rent hikes) and extend tenant leases for at least five years following completion of work

Mandates prevailing wage requirements and apprenticeship agreements for projects receiving at least $100,000 in program funds, and prioritizes training and hiring of formerly incarcerated individuals for work on state-owned or state-subsidized properties