This bill creates a state-funded program to preserve existing affordable multifamily housing in New York. It provides forgivable loans (zero interest, no payments for 10 years) of up to $50,000 per income-restricted unit to property owners with regulatory agreements ensuring 100% affordability. The loans help cover costs like deferred maintenance, emergency repairs, or debt restructuring to prevent properties from becoming unaffordable or vacant. Property owners must maintain affordability terms, and repayment may be required if the property is sold within 10 years or if affordability rules are violated. The program targets properties in financial distress that cannot access other preservation funding.
This bill (A 2187) requires new affordable housing programs in New York City to use the lower of two area median income (AMI) calculations: either the zip code-specific AMI or the broader regional AMI for the program's location. It directly affects developers and housing providers initiating new affordable housing projects after the bill's effective date. The key provision mandates that the program must adopt whichever AMI figure (zip code or regional) results in a lower income threshold, potentially expanding eligibility for affordable housing. This change applies only to new programs, not existing ones, and takes effect immediately upon enactment.
Establishes the New York State social housing development authority as a public benefit corporation to increase the supply of permanently affordable housing in the state through the acquisition of land and renovation or rehabilitation of existing real property, and through the construction of new, permanently affordable housing.
This bill establishes an independent agency to handle complaints from current and converted Mitchell-Lama residents regarding issues like rent increases, harassment, or unsafe living conditions. It requires state and city housing agencies to verify financial documentation before approving rent hikes or building conversions, and mandates comptroller approval for all rent increases based on verified expenses. The bill also guarantees legal support for tenants in housing court and creates a specialized help desk for self-represented litigants. These changes directly affect Mitchell-Lama residents, building owners, co-op boards, and state/local housing agencies overseeing affordable housing.
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.
