Bill > A07679

This bill establishes the Vacant Rental Improvement Program, which will provide grants of up to $75,000 per unit to owners of buildings with five or fewer units located outside of cities with populations over one million. The primary goal is to address the shortage of safe and affordable rental units in upstate New York by incentivizing property owners to renovate and lease vacant or code-violation properties. To receive the grant, property owners must agree to lease the renovated units at rates affordable to individuals earning no more than 80% of the area median income (as defined by the U.S. Department of Housing and Urban Development) for a period of ten years. The Housing Trust Fund Corporation will administer the program, prioritizing funding for currently vacant units or those with outstanding code violations. If an owner violates the regulatory agreement, they will be required to repay the full grant amount. The bill also establishes a Rental Improvement Fund to support the program, which will be jointly managed by the state comptroller and the commissioner of housing and community renewal. The program aims to promote stable housing opportunities, recognizing the positive impacts of affordable housing on employment, education, and health outcomes.

Housing and Urban Affairs

https://www.nysenate.gov/legislation/bills/2025/A7679