Bill > A01729

This bill creates an Affordable Housing Relief Fund Program to address the shortage of safe and affordable housing in New York state by providing financial assistance to preserve at-risk multifamily residential properties. The program, to be administered by the Housing Trust Fund Corporation, will offer forgivable loans of up to $50,000 per income-restricted housing unit to eligible applicants, including non-profit organizations, charitable organizations, and private property owners with existing regulatory agreements. These zero-percent interest loans will be forgiven after ten years, with a sliding scale of potential repayment if the property is sold or fails to comply with affordability terms. Eligible projects must be 100% affordable or supportive rental properties, and funds can be used for preserving and improving properties, addressing maintenance needs, emergency repairs, and debt restructuring. The program aims to stabilize distressed affordable housing properties that might otherwise become unviable due to increasing operational expenses and limited preservation funding. The corporation will develop competitive application procedures, prioritize properties in the greatest distress, and submit an annual report to the legislature detailing the program's implementation, including the number of applications received, awarded amounts, and specific activities of grantees.