Bill > A07828

This bill creates an affordable housing insurance relief fund program administered by the Housing Trust Fund Corporation to provide financial assistance to affordable housing developers for commercial insurance expenses. The program will offer grants up to $3,000 per income-restricted housing unit, with a maximum of $2 million per eligible project annually. Eligible applicants include for-profit and non-profit developers with regulatory agreements for 100% affordable or supportive multifamily rental properties. The corporation will develop application procedures and prioritize projects experiencing significant insurance cost increases or access barriers. The program will focus on helping developers manage rising commercial insurance premiums for property damage, general liability, and umbrella liability risks. The bill requires an annual report to the legislature detailing program implementation, and allows the corporation to convene a stakeholder advisory group to provide input. The program is set to expire twenty years after its effective date, but any existing contracts and obligations will continue to be honored. The bill aims to support the sustainability of affordable housing developments by providing financial relief for escalating insurance costs.

Housing and Urban Affairs

https://www.nysenate.gov/legislation/bills/2025/A7828