Bill > S05674

This bill establishes the New York State Social Housing Development Authority as a public benefit corporation aimed at increasing the supply of permanently affordable housing in the state. The authority will have a nine-member board, including five appointed members (three by the governor and two ex officio commissioners) and four elected resident representatives. The corporation's primary purpose is to acquire land, renovate existing properties, and construct new, permanently affordable housing across New York. Key provisions include creating housing units with strict affordability requirements, with at least 25% of units designated for households earning 30% or less of the area median income and no more than one-third of units having no income restrictions. The authority will have broad powers to acquire properties, issue bonds, develop housing projects, and manage residential properties with a strong emphasis on tenant rights, democratic participation, and long-term affordability. The bill allocates $60 million for the corporation's initial creation and operation, and the authority will be exempt from most taxes and local zoning regulations. The goal is to provide high-quality, affordable housing to New Yorkers, particularly those with low and extremely low incomes, while creating a sustainable model of social housing that prioritizes resident governance and long-term affordability.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/S5674