NY A07828

Creates the Affordable Housing Insurance Relief Fund Program, administered by the Housing Trust Fund Corporation, to provide grants and payments for commercial insurance expenses to developers of 100% affordable or supportive multifamily rental housing

Limits assistance to $3,000 per income-restricted housing unit per year and $2 million maximum per eligible project per year, with the corporation authorized to adjust caps for inflation or market changes

Prioritizes projects demonstrating material increases in insurance costs, including premium increases exceeding industry benchmarks, loss of carrier availability, or reduced coverage limits

Requires annual reports to the legislature and governor by June 30th detailing applications received, total dollar amounts, and award dispositions

Takes effect January 1 following enactment and automatically repeals after 20 years, with provisions for honoring existing contracts and returning unencumbered funds upon expiration