Bill > S00880

This bill, known as the "housing development fund company fairness, preservation, and affordability act," aims to clarify and enhance provisions related to housing development fund companies (HDFCs), which are a type of income-restricted housing cooperative created to revitalize abandoned properties. The bill makes tax exemptions and abatements for HDFCs permanent, removing uncertainty about their expiration and improving their financial stability. It also allows HDFCs to receive tax benefits that are either equivalent to or greater than those offered to market-rate cooperatives, recognizing their role in maintaining affordability. To ensure continued affordability, HDFCs receiving these tax benefits must now certify annually that they comply with income limitations for new purchasers, and the city's housing department (HPD) has the authority to audit sales records and suspend or revoke benefits for non-compliance. Additionally, the bill updates the baseline year for tax forgiveness for economically distressed HDFCs, allowing them to receive relief for more recent tax arrears and preventing tax foreclosure.

Housing and Urban Affairs

https://www.nysenate.gov/legislation/bills/2025/S880