Bill > A00799

This bill establishes a housing project revolving loan program designed to encourage the development of mixed-income housing across New York State. The program will allow residential housing developers (including for-profit entities, non-profit organizations, and public authorities) to apply for zero-percent or low-interest loans to finance eligible housing projects. An eligible housing project must include at least 20% of units rented to individuals at or below 50% of the area median income. The New York State Housing Finance Agency will review applications and make loan determinations, with a goal of maximizing affordable housing production and ensuring geographic representation across the state. Loans can be structured as mezzanine debt, construction financing, or other appropriate forms, with the agency aiming to cover program costs without seeking additional profits. Developers must repay the full loan amount upon project completion and secure permanent financing from sources other than the program. Notably, developers cannot pair these funds with federal low-income housing tax credits, but they can use other subsidies and are not restricted from charging fair market rent for units with housing vouchers. A dedicated "housing project revolving loan fund" will be established to manage the program's financial resources, with funds coming from state appropriations and loan repayments.

Housing and Urban Affairs

https://www.nysenate.gov/legislation/bills/2025/A799