Alters tax exemption programs for the development of new and affordable housing; defines "initial construction period" and "extended construction period"; makes related changes.
Specifies that low-income housing tax credits may be issued both for projects creating new housing and projects renovating and preserving existing housing, nullifying a DHCR determination that projects for the renovation and preservation of existing housing do not qualify.
Enacts the "faith-based affordable housing act" for development on residential land; defines terms; provides that each village, town, and city shall allow the construction and occupation of residential buildings on any covered site up to the specified densities; provides that all residential buildings constructed pursuant to this section in a town, village, or city with fewer than one million inhabitants shall set aside twenty percent of the residential floor area for households earning an average of eighty percent of area median income; outlines the densities for New York city; makes related provisions.
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 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.
