Bill > A07503

This bill establishes an affordable housing program to be administered by the Division of Homes and Community Renewal. The program will provide loans or grants to certain property owners, who in turn must rent the property for no more than 33% of the tenant's income. The bill defines key terms such as "housing accommodations," "owner," and "regulatory agreement," and outlines the agency's authority to make loans or grants, set the terms of repayment, and require owners to enter into regulatory agreements to ensure affordability. The agency is also granted rulemaking and enforcement powers to carry out the provisions of this new Article 32 of the Private Housing Finance Law.