NY A08588

Expands eligible redevelopment plans for state-aided housing projects to explicitly include energy efficiency upgrades and technology intended to reduce greenhouse gas emissions

Extends the required affordability period for housing companies receiving redevelopment loans from 15 years to 30 years from loan issuance

Removes the requirement that redevelopment or acquisition costs be specifically tied to a "new owner" for loan approval

Caps the additional return on equity that the commissioner may approve at no more than 10 percent over the cost of capital improvements or redevelopment

Applies these changes to both state-aided projects under Article 2 (Section 22-a) and housing companies under Article 4 (Section 82-a) of the Private Housing Finance Law