NY S00595

Creates the Small Rental Housing Development Initiative to fund construction of affordable rental housing of 20 units or less in rural areas of New York State

Limits eligibility to towns or cities with populations of 30,000 or less, with funding available only to non-profit housing agencies such as rural preservation companies

Provides zero-percent interest deferred loans that may be forgiven if the applicant remains in compliance throughout the affordability period; loans are due upon sale of the property

Targets households earning up to 120% of area median income, with applicants choosing payback periods between 10 and 20 years

Requires the Division of Housing and Community Renewal to conduct annual performance reviews and provide written explanations to rejected applicants detailing specific deficiencies in their proposals