Creates an affordable housing relief fund program to preserve affordable multifamily residential properties located in New York state

This bill creates a new Affordable Housing Relief Fund Program in New York State to help preserve existing low-income rental buildings that are facing financial trouble. The program provides forgivable loans to property owners and non-profit organizations to cover essential repairs, debt restructuring, and other costs needed to keep these buildings safe and affordable. Eligible properties must already be subject to affordability agreements, and the loans have zero interest with no monthly payments, becoming fully forgiven after ten years if the building remains affordable. If a property is sold or stops meeting affordability rules within that decade, the recipient must repay the funds. The Housing Trust Fund Corporation will manage the program, set application criteria, and report annually to the legislature on how the money is used.