Bill > S02441

This bill establishes a new program within the New York State Urban Development Corporation to support housing for individuals with mental and developmental disabilities. Specifically, the bill creates a program that will allocate up to $25 million from the Community Development Financial Institutions (CDFI) Fund to support the financing and development of supportive living facilities and supervised living facilities. CDFIs are specialized financial institutions that provide credit and financial services to underserved markets and populations. The bill defines key terms such as supportive living facilities and supervised living facilities, which are specific types of residential settings for individuals with disabilities, as defined in the mental hygiene law. The corporation will work in consultation with the Office of Mental Health, Office for People with Developmental Disabilities, and Office of Addiction Services and Supports to develop rules and regulations for implementing the program. The legislative intent behind the bill is to prioritize the development of housing suitable for individuals with mental and developmental disabilities by leveraging public funds through community development financial institutions. The act will take effect 180 days after becoming law, with provisions allowing for immediate preparation of necessary rules and regulations.