Bill > A07470

This bill amends the Private Housing Finance Law to expand the definition of "home" and "rehabilitation" to include mixed residential and commercial properties within the affordable home ownership development program. Specifically, the bill allows the affordable housing corporation to fund properties that combine residential units with commercial retail spaces, with the commercial portion limited to 25% of the total financing. The definition of a "home" is broadened to include one to four family dwellings that have at least one owner-occupant and contain an area for a commercial retailing business. Similarly, the definition of "rehabilitation" is updated to encompass improvements to mixed residential and commercial properties, not just purely residential structures. The goal appears to be providing more flexible financing options for property owners who want to develop or improve properties that serve both residential and commercial purposes, potentially helping to revitalize neighborhoods and support small businesses while creating affordable housing opportunities.

Housing and Urban Affairs

https://www.nysenate.gov/legislation/bills/2025/A7470