Bill > S00733

This bill establishes a new housing project revolving loan program designed to encourage the development of mixed-income housing by providing zero-percent or low-interest loans to residential housing developers. The program defines an eligible housing project as one where at least 20% of units will be rented to individuals at or below 50% of the area median income. The New York State Housing Finance Agency will oversee the program, developing an application process and selecting developers based on their potential impact and ability to maximize affordable housing production. Loans can be structured as mezzanine debt, construction financing, or other appropriate forms, with the goal of covering program costs without seeking additional profits. Developers must return the full loan amount upon project completion and obtain permanent financing from sources other than the program. Developers can combine these loans with other housing subsidies, except for federal low-income housing tax credits, and are permitted to charge fair market rent for units with housing vouchers. A separate "housing project revolving loan fund" will be established to manage the program's finances, consisting of appropriated monies and loan repayments, with funds allocated by the agency's chair to support mixed-income housing development across New York State.

Budget and Finance, Housing and Urban Affairs

https://www.nysenate.gov/legislation/bills/2025/S733