Bill > S05230

This bill establishes a new Resilient Retrofits Loan and Grant Program designed to help property owners finance hazard mitigation and sewer infrastructure improvements. The program, administered by the Division of Housing and Community Renewal, will provide low or no-interest loans and grants to individual property owners for repairing, cleaning up, and upgrading private sewer systems in both multiple dwellings and single-family homes where sewer capacity has been exceeded. Notably, the program offers significant financial support, including loans that can be attached to property taxes and grants that cover at least 80% of project costs. The bill also includes a graduated loan forgiveness component, with at least 50% forgiveness for households earning $250,000 or less annually. A new special fund will be established to support the program, with money coming from appropriations, loan repayments, and other sources. The funds are intended to supplement, not replace, existing federal or state recovery and relief funding, and will be overseen jointly by the state comptroller and the Division of Housing and Community Renewal. The program aims to help property owners improve infrastructure resilience and address potential sewer capacity issues, with the bill taking effect 60 days after becoming law.

Military Affairs and Security

https://www.nysenate.gov/legislation/bills/2025/S5230