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 administered by New York's Housing Trust Fund Corporation. It provides forgivable loans (0% interest, no payments for 10 years) of up to $50,000 per income-restricted unit to preserve distressed, 100% affordable multifamily rental properties. Eligible applicants include non-profits, charities, or for-profit owners with regulatory agreements, covering costs like deferred maintenance, emergency repairs, or debt restructuring. Properties must maintain affordability for tenants, and funds may be partially repaid if the property is sold within 10 years or affordability terms are violated. The program aims to prevent loss of affordable housing units amid rising operating costs.