Bill > A07491

This bill amends the private housing finance law to provide additional funding specifically for affordable housing development in the city of Yonkers. The bill authorizes the housing corporation to enter into contracts with eligible applicants to provide grants for affordable home ownership development programs. Specifically, the bill adds a new provision allowing up to $25,000 per dwelling unit for new construction of affordable housing in Yonkers, as well as for the acquisition of existing housing stock including cooperatives, condominiums, and multi-family housing where appropriate. This funding is part of the existing affordable housing development account, which can provide financial assistance through loans, loan participation, or grants. The bill maintains existing restrictions, such as limiting grants to no more than 60% of project costs and ensuring that no more than 50% of the total appropriated funds in a fiscal year can be allocated to homes in a single municipality. The amendment aims to support affordable housing development and increase housing options in the city of Yonkers.

Housing and Urban Affairs

https://www.nysenate.gov/legislation/bills/2025/A7491