Bill > S01399

This bill establishes the Vacant Rental Improvement Program, which will provide grants of up to $75,000 per unit to owners of buildings with five or fewer units located outside of cities with a population of one million or more. The program aims to address the shortage of safe and affordable rental housing in upstate New York by offering financial assistance for renovating vacant or code-violation-laden rental units. To receive the grant, property owners must agree to lease the renovated units at rates affordable to individuals earning up to 80% of the area median income for a period of ten years. The Housing Trust Fund Corporation will administer the program, prioritizing funding for currently vacant units or those with outstanding code violations. If a grant recipient violates the regulatory agreement, they will be required to repay the full grant amount. Additionally, the bill establishes a new "Rental Improvement Fund" in the joint custody of the state comptroller and commissioner of housing and community renewal, which will be funded through appropriations and used exclusively for the Vacant Rental Improvement Program. The program is designed to promote stable housing, which is linked to positive outcomes in employment, education, and health.

Budget and Finance, Housing and Urban Affairs

https://www.nysenate.gov/legislation/bills/2025/S1399