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NY A07523
Bill
Status
4/1/2025
Primary Sponsor
Michael Fitzpatrick
Click for details
AI Summary
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Expands the affordable housing development loan program, currently limited to New York City, to all municipalities across New York State
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Allows any municipality to designate a supervising agency to administer affordable housing loans for construction on both municipally-owned and privately-owned sites in blighted or deteriorating areas
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Enables municipalities to partner with private lenders to provide participation loans to developers for construction of housing affordable to low-income residents
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Requires rental projects to offer units only to low-income persons, with initial rents set by the supervising agency and a 20-year prohibition on conversion to cooperatives or condominiums
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Takes effect 90 days after becoming law
Legislative Description
Extends provisions relating to affordable housing development loans to all municipalities of the state of New York; assists private sector in development of residential housing.
Last Action
referred to housing
1/7/2026