This bill raises the New York State Housing Finance Agency's (HFA) borrowing limit for bonds from $31 billion to $36.28 billion. It directly affects the HFA by allowing it to issue more bonds for housing programs, including affordable housing, health facilities, and senior services projects. The increase applies to bonds issued for these purposes, excluding those used to refinance existing debt. This change enables the agency to expand housing financing without requiring new legislative approval for each project.
Calls for the state to subsidize a portion of closing costs for certain individuals who have been tenants of public housing projects or rent subsidized housing for the previous five years.
This bill (A 7380) sets clear rules for advertising housing as "deeply affordable." It requires that housing marketed this way must be affordable to households earning 60% or less of the local area median income (as defined by HUD). Landlords or developers falsely labeling non-compliant units as "deeply affordable" face penalties under false advertising laws, and mixed developments must clearly state the percentage or count of deeply affordable units versus market-rate units. Municipalities and state agencies must also follow these standards when promoting affordable housing. The law takes effect 180 days after enactment.
Establishes the "jobs and housing act"; directs the private housing finance agency to develop and administer a jobs and housing pilot program to construct and preserve housing, including workforce housing, that is affordable to low and moderate income persons, and creates jobs for those who build and work in such housing.
Establishes the local initiatives task force on housing, in order to collaborate with local government officials, state agencies, and stakeholders to develop best practices for local governments to incentivize housing development.
Establishes discrimination where insurers exclude, limit, restrict or reduce coverage of a publicly-assisted housing accommodation due to lawful source of income.
Relates to establishing the housing access voucher program; provides that the commissioner of the division of housing and community renewal shall implement a program of rental assistance in the form of housing vouchers for eligible individuals and families who are homeless or who face an imminent loss of housing; provides that the commissioner shall designate housing access voucher local administrators in the state to administer the program.
Establishes a tax credit for rent paid on the personal residence of certain taxpayers who lease the taxpayer's primary residence during the taxable year and who pay rent with respect to such residence in excess of thirty percent of such taxpayer's gross income for such taxable year whose income is less than fifty percent of the area median income.
Directs the division of housing and community renewal to conduct a study on alternatives to the affordable New York housing program by investigating new models and partnerships to provide affordable housing to residents of the state.
Enacts the safe housing transfer for domestic violence victims act; ensures safe housing transfers for domestic violence victims in public and private housing; requires landlord response within seven days of a relocation request.
