NY S01399

Creates the Vacant Rental Improvement Program providing capital grants of up to $75,000 per unit to owners of buildings with five or fewer units for renovating rental housing outside New York City

Requires grant recipients to sign a regulatory agreement limiting rent to levels affordable for households earning no more than 80% of area median income for 10 years

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

Grants are subject to full recoupment if owners violate the affordability agreement, and rental restrictions remain in effect even if the property is sold or transferred

Establishes the "Rental Improvement Fund" under joint custody of the state comptroller and commissioner of housing and community renewal to finance the program