Bill > A05286

This bill establishes a new home repair project revolving loan program designed to help low and middle-income homeowners finance emergent or essential home repairs. The program, to be administered by the New York State Housing Finance Agency, will provide zero-percent interest loans ranging from $1,000 to $30,000 to households meeting specific income thresholds: up to $87,500 for single-adult households, $215,000 for households with two or more adults, and $210,000 for households with two or more adults and dependents. Homeowners must apply with detailed financial documentation, including tax returns and banking information, and the agency will evaluate applications based on project needs and geographic distribution. The program creates a dedicated "home repair project revolving loan fund" with an initial appropriation of $200 million, and loans will be repaid upon project completion, with funds recycling back into the program. Homeowners can also combine these loans with other repair project subsidies, providing flexibility in financing critical home improvements that enhance household quality of life.

Housing and Urban Affairs

https://www.nysenate.gov/legislation/bills/2025/A5286