Bill > A10293

This bill creates an affordable housing relief fund program to preserve affordable multifamily residential properties located in New York state. The program, administered by the Housing Trust Fund Corporation, will provide forgivable loans to eligible applicants (non-profit or for-profit property owners) to address issues like deferred maintenance, capital needs, and debt restructuring for "at-risk" affordable housing properties. The bill sets funding criteria, including up to $50,000 per income-restricted unit, with loans forgiven after 10 years if the property remains affordable. The program aims to prevent the loss of affordable housing units by providing needed capital to stabilize distressed properties.