Bill > S03219

This bill creates an affordable housing relief fund program administered by the Housing Trust Fund Corporation to preserve at-risk multifamily residential properties in New York state. The program will provide forgivable zero-percent interest loans (up to $50,000 per income-restricted housing unit) to eligible applicants, including non-profit organizations, charitable organizations, and private property owners with regulatory agreements covering 100% of housing units. The loans are designed to address deferred maintenance, emergency repairs, capital needs, and potential financial distress that could threaten the availability of affordable housing. Recipients must maintain affordability restrictions and comply with existing regulatory agreements, with the loan being forgiven after ten years if the property remains in compliance. If the property is sold within ten years or fails to meet affordability terms, a prorated portion of the loan may need to be repaid. The Housing Trust Fund Corporation will develop 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, awards made, and specific activities performed by grantees.