Bill > S00595

This bill establishes the "Small Rental Housing Development Initiative" to address a need for affordable rental housing, particularly in rural areas, by creating a program to fund the construction, acquisition, or rehabilitation of small rental housing developments, defined as affordable apartment buildings with two to twenty units for households earning up to 120% of the area median income. The initiative will be administered by the Housing Trust Fund Corporation, and eligible applicants are not-for-profit housing or community development organizations. Funding will be provided through zero-interest, deferred payment loans that can be forgiven if the applicant complies with affordability requirements for a specified period, though the loan must be repaid if the property is sold before that period ends. At least 60% of the funds allocated annually must go to projects in rural areas, defined as cities, towns, and villages with populations under 30,000.

Budget and Finance, Housing and Urban Affairs

https://www.nysenate.gov/legislation/bills/2025/S595