Establishes the small rental housing development initiative to provide funding to eligible applicants to construct small rental housing developments in eligible areas
What changed between versions
Changed the purpose from only construction to include acquisition and rehabilitation of affordable rental housing.
Adjusted the definition of small rental housing developments from twenty units or less to between two and twenty units.
Expanded eligible areas from towns/cities with 30,000 or fewer residents to all cities, towns, and villages with populations under 30,000.
Broadened eligible applicants from specific non-profit types to any housing or community development not-for-profit organization eligible to do business in New York state.
Added a requirement that at least 60% of funds awarded each fiscal year must go to projects in rural areas.
Added eligibility for a developer's fee of up to 15% of initiative funds.
Changed the loan payback period from a range of 10-20 years to a fixed 20 years.
Changed the administering agency from the Division of Housing and Community Renewal to the Housing Trust Fund Corporation.
Renumbered the article from 17-C to 33 and renumbered all sections accordingly.
