Bill > S02731

This bill establishes the "Affordability Plus Program" in cities with a population of one million or more to provide loans and grants to increase the supply of affordable housing for low-income families and individuals. The key provisions of the bill are: 1. It authorizes cities to make loans or grants to owners of real property for the construction, rehabilitation, conversion, acquisition, or refinancing of housing accommodations, as well as for site improvements and other related costs. 2. It requires owners receiving such loans or grants to execute a regulatory agreement that mandates renting or selling the housing accommodations to low-income individuals and families at affordable prices. 3. It provides that housing accommodations assisted by the loans or grants be subject to rent stabilization, and allows the city's agency to establish new initial rents upon completion of construction or rehabilitation. 4. It grants the agency the power to monitor and enforce compliance with the regulatory agreement, and requires the agency to submit an annual report on the program's housing production activity. 5. It also amends the Local Finance Law to authorize the use of 30-year financing for loans or grants made under the Affordability Plus Program and for improvements associated with the program.

Housing and Urban Affairs

https://www.nysenate.gov/legislation/bills/2021/S2731