Bill > S06518

This bill establishes a new Public Housing Fund that will receive ten percent of revenues from the real property transfer tax, specifically to support existing public housing. The fund will be jointly managed by the state comptroller and the commissioner of taxation and finance, and will be kept separate from other state funds. The money deposited into the fund will come from the real property transfer tax and can also include other appropriations or transfers from other sources. The Division of Housing and Community Renewal will be able to access these funds to support existing public housing, with money being disbursed through vouchers approved by the commissioner of housing and community renewal and audited by the state comptroller. The bill amends both the tax law and state finance law to create this dedicated funding mechanism, ensuring a consistent and earmarked source of funding for maintaining and supporting public housing infrastructure. The new fund and its provisions will take effect on the first of April following the bill's enactment.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/S6518