Bill > A02244

This bill establishes a new loan program specifically designed to support affordable housing for people with disabilities and seniors by allowing the creation of accessory apartments. The program permits loans for constructing or improving additional dwelling units (up to two bedrooms) within existing residential structures, with units needing to be at least 450 square feet. Key requirements include that at least one unit must be owner-occupied and another must be occupied by a person with a disability or someone over 62 years old. Loans are capped at $50,000 or 50% of total development costs, with repayment terms up to 30 years and potential extensions. The loans come with specific conditions, such as recording a deed restriction to ensure long-term housing availability, having interest rates set by housing authorities, and targeting at least half of beneficiaries with incomes below 80% of area median income. The program aims to create alternative housing options by providing financial support for property modifications that can help disabled and elderly individuals maintain independent living arrangements, while also considering geographic diversity in loan distribution.

Housing and Urban Affairs

https://www.nysenate.gov/legislation/bills/2025/A2244