Bill > S07939

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 covering 100% of housing units, and projects will be prioritized based on significant increases in insurance costs, market challenges, or critical financial needs. The corporation will develop application procedures, evaluate grants competitively, and must submit an annual report to the legislature detailing program implementation. The bill also allows the corporation to convene a stakeholder advisory group with representatives from housing development, insurance markets, nonprofit organizations, tenant advocates, and local governments to provide guidance. The program is set to expire twenty years after its effective date, but any existing contracts and obligations will continue to be administered according to their original terms. The bill aims to help affordable housing developers manage rising commercial insurance costs and maintain the financial sustainability of affordable housing projects.

Housing and Urban Affairs

https://www.nysenate.gov/legislation/bills/2025/S7939