Bill > S06781

This bill modifies provisions of the Private Housing Finance Law related to housing development fund companies (HDFCs), which are nonprofit organizations that develop and manage affordable housing. The bill extends the time period for paying arrears (overdue) municipal real estate taxes from thirty to forty years and allows suspended tax arrears to be subordinated to loans obtained by HDFCs for allowable purposes. It also requires housing development fund companies to increase maintenance charges by a minimum of two percent annually. Additionally, the bill places significant limitations on regulatory agreements for HDFCs, prohibiting provisions such as: requiring commissioner-approved monitors, imposing sales caps on dwelling units, mandating specific management companies, restricting shareholders' ability to inherit or own property near the HDFC project, limiting shareholder assets based on area median income, requiring shareholders to prove residency for more than 183 days per year, or mandating sales through a specific housing portal. These changes aim to provide more flexibility and support for HDFCs in managing their properties and supporting affordable housing opportunities.

Housing and Urban Affairs

https://www.nysenate.gov/legislation/bills/2025/S6781