Bill > S08178

This bill amends the Private Housing Finance Law to increase the maximum funding limit per dwelling unit for the Housing Trust Fund Corporation (HTFC) from $125,000 to $250,000, with the potential for additional funds based on specific criteria. The bill allows the HTFC to provide more financial flexibility when supporting low-income housing projects, considering factors such as local construction costs, project location, and the impact on housing affordability. The funding can be used for acquiring, constructing, rehabilitating, or converting housing projects, with restrictions on how the money can be spent, such as limiting acquisition costs to 50% of the total funding and community service facility costs to 10%. The bill maintains existing provisions that allocate funding geographically, including limitations on the percentage of funds that can be used in a single municipality or in cities with populations over one million. The changes are designed to help the HTFC more effectively support the development and preservation of affordable housing across New York State, with the amendment taking effect immediately upon passage.

Budget and Finance, Housing and Urban Affairs

https://www.nysenate.gov/legislation/bills/2025/S8178