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NY A08589
Bill
Status
10/16/2025
Primary Sponsor
Larinda Hooks
Click for details
AI Summary
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Doubles the maximum housing trust fund payments, grants, or loans from $125,000 to $250,000 per dwelling unit for rehabilitation, construction, or conversion of low-income housing projects
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Grants the Housing Trust Fund Corporation discretion to provide additional funds beyond the $250,000 cap based on specific criteria
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Criteria for exceeding the per-unit cap include average construction costs in the area, project location, and impact of additional funding on affordability for occupants
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Amends section 1102 of the private housing finance law, previously amended in 2021
Legislative Description
Increases the amount of funds that may be used per dwelling unit to modernize certain authorities used by the housing trust fund corporation.
Last Action
signed chap.462
10/16/2025