NY A07679

Creates the Vacant Rental Improvement Program to provide capital grants of up to $75,000 per unit to owners of buildings with five or fewer rental units for necessary improvements

Limits eligibility to rental units located outside New York City (cities with population of one million or more), targeting upstate New York's shortage of safe and affordable housing

Prioritizes funding for units that are currently vacant or have outstanding code violations

Requires grant recipients to sign a regulatory agreement to lease renovated units at rates affordable to households earning no more than 80% of area median income for a 10-year period

Establishes full recoupment of grants if owners violate the affordability agreement, with rental restrictions remaining in effect even if the property is transferred or sold to a new owner