Bill > A03669

This bill aims to modernize affordable housing financing authorities in New York. Key provisions include: - Expanding the types of loans and grants that municipal agencies can provide to owners of existing properties for rehabilitation, site improvements, and climate resiliency measures. This includes allowing agencies to make unsecured loans or grants and extending loan repayment periods. - Defining "climate resiliency improvements" and authorizing agencies to provide financing for such improvements. - Allowing agencies to service loans and grants themselves or appoint third-party loan servicers. - Extending the maximum loan terms for various housing programs from 30 to 35 years. - Permitting agencies to subject certain housing accommodations to rent stabilization laws, even if not otherwise required. - Granting agencies new powers to monitor and enforce compliance with financing agreements. The bill is intended to provide more flexible and comprehensive financing tools to preserve and improve affordable housing in New York.

Budget and Finance, Housing and Urban Affairs

https://www.nysenate.gov/legislation/bills/2021/A3669