Bill > S03372

This bill amends the Private Housing Finance Law to increase the maximum amount of grants that the Affordable Housing Corporation can provide for affordable home ownership development programs. Specifically, it raises the per-dwelling unit limitation from $35,000 to $50,000 for most projects, and from $40,000 to up to $75,000 for "high cost projects" or projects receiving a loan from the federal Farmers Home Administration. The bill also allows grantees to establish resale restrictions for units receiving over $40,000 in funding, requiring the units to be purchased only by qualified low-income homebuyers for at least 60 years. Additionally, the bill requires the Corporation to establish tiered project funding levels based on the length and depth of affordability.

Housing and Urban Affairs

https://www.nysenate.gov/legislation/bills/2021/S3372