Bill > A08589

This bill amends the Private Housing Finance Law to increase the maximum funding per dwelling unit that the Housing Trust Fund Corporation (HTFC) can provide for housing projects serving low-income individuals. Specifically, the bill raises the per-dwelling-unit funding cap from $125,000 to $250,000, with the potential for additional funds based on certain criteria such as local construction costs, project location, and the impact on housing affordability. The bill allows the corporation to determine additional funding amounts while considering factors like average construction costs in the area and the project's location. The funding is intended to support the acquisition, construction, rehabilitation, or conversion of housing projects, with restrictions on how the funds can be used, 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 funds geographically, including caps on funding for projects in municipalities with populations over one million. The changes aim to provide more financial flexibility for developing affordable housing projects across New York State.

Budget and Finance, Housing and Urban Affairs

https://www.nysenate.gov/legislation/bills/2025/A8589