This bill raises the maximum funding per housing unit from $125,000 to $250,000 for projects funded through New York's Housing Trust Fund Corporation. It directly affects low-income housing developers and projects that rehabilitate or construct affordable housing using these funds. The key change is increasing the per-unit funding cap, allowing more resources for modernizing housing while maintaining existing requirements like a 5% private developer equity investment. The bill does not alter other program rules, such as loan terms (up to 40 years) or geographic allocation limits.
S 7780 would allow cities with a population of over one million to grant mutual redevelopment companies an additional 50 years of tax exemption, following the initial maximum period. The exemption requires that the company pays at least 5% of annual rent (minus utilities) for residential units or the taxes paid during 2000-2001, whichever is lower. This applies only to companies already operating under the existing tax exemption framework in large cities.
This bill extends the New York State Housing Finance Agency's existing authority to issue bonds and finance housing programs until July 23, 2027. It specifically maintains current limits on bond issuance (including $7.92 billion for general housing finance and $2.4 billion for mortgage programs) and preserves the agency's ability to fund multi-family housing and neighborhood revitalization initiatives. The extension applies to provisions governing bond limits, mortgage program income eligibility rules, and infrastructure trust fund operations. This directly affects the agency's ability to continue current housing finance activities without new legislative action. The bill does not create new programs but preserves existing funding mechanisms through 2027.
This bill sets a maximum 16% annual interest rate and a minimum 2% annual interest rate on late payments for residential property taxes, replacing higher local rates. It applies to residential properties including condos and co-ops, but excludes vacant and abandoned properties listed on a statewide registry. The interest rate will be tied to the prime rate (as defined by the commissioner), with the initial rate based on 2026 data and updated every five years. This limits how much interest homeowners can be charged on overdue residential tax bills, ensuring rates stay within the 2%-16% range.
This bill creates the Vacant Rental Improvement Program, providing grants of up to $75,000 per unit to owners of small rental buildings (five or fewer units) located outside New York City. It requires renovated units to be leased at affordable rates - defined as 80% of area median income - for a 10-year period, with new owners inheriting the affordability requirement. The program prioritizes vacant units or those with code violations and establishes a dedicated "rental improvement fund" for financing. Owners who violate the lease terms risk full repayment of grants.
Establishes the block by block homeownership program to provide capital subsidies for the purpose of constructing, preserving, and rehabilitating one- to two- family dwellings throughout the state, outside of NYC.
Bill S 7320 prohibits discriminatory practices by real estate appraisers based on protected characteristics like race, gender identity, or familial status. It defines "real estate appraisal" broadly to include all residential appraisals and supporting documents, applying to both licensed and unlicensed individuals. The bill makes it an unlawful practice to base an appraisal on these characteristics of current or prospective property owners or those in the vicinity. It allows for sanctions, license suspension, revocation, or fines up to $2,000 for violations, with half of these fines allocated to a fund supporting fair housing compliance programs and addressing appraisal discrimination.
Bill S 7526, known as the "private activity bond allocation act of 2025," establishes a new formula for distributing the state's annual volume ceiling for certain tax-exempt private activity bonds. This bill directly affects state and local government agencies, as well as other entities that issue these bonds for projects such as housing, economic development, and job creation.
The bill divides the statewide bond volume ceiling into three equal portions. One-third is set aside for local agencies based on population, another third for state agencies, and the final third forms a statewide bond reserve for additional allocations to either state or local entities. This system aims to create an orderly and efficient process for allocating these bonds, which require an allocation to qualify for federal tax exemption.
Bill S 7285 expands the existing residential redevelopment inhibited property exemption. It allows all cities, towns, and villages in the state to offer a property tax exemption for redeveloped neglected or abandoned residential properties. The bill broadens eligibility to include one-to-four unit residences, not just one-family homes, and permits occupancy by either an owner or a tenant as their primary residence. This exemption reduces the increase in property taxes linked to the added value from demolition, alteration, rehabilitation, or remediation of these properties.
Provides for a partial exemption from taxation of certain residential real property transferred by a governmental entity, nonprofit housing organization, land bank or community land trust to low-income households; sets forth conditions for the discontinuance of such exemption.
