Bill > A08588

This bill expands the powers of the New York State Division of Housing and Community Renewal by modifying the rules for redevelopment loans in state-aided housing projects. Specifically, the bill allows the commissioner to approve loans that exceed the actual project cost for comprehensive redevelopment plans, which can now include energy efficiency upgrades and technologies aimed at reducing greenhouse gas emissions. The bill extends the period that housing companies must remain subject to existing housing regulations from 15 to 30 years after receiving a loan. Additionally, the bill places a cap on the additional return on equity, limiting it to no more than 10% over the cost of capital improvements or redevelopment. The changes are designed to encourage sustainable upgrades to housing projects while protecting tenants from excessive rent increases and ensuring long-term affordability. The bill applies to both state-aided projects and housing companies, providing a consistent framework for redevelopment and energy improvements in New York State's housing sector.

Budget and Finance, Housing and Urban Affairs

https://www.nysenate.gov/legislation/bills/2025/A8588