Signed by Governor Kathy Hochul

Vote Smart's Synopsis:

Vote to pass a bill that increases the amount of funds that may be used per dwelling unit to modernize certain authorities used by the housing trust fund corporation in New York.

Highlights:

• Increases the amount of money that may be allocated in the form of payments, grants, or loans to eligible applicants for the purpose of furnishing low-income housing from $125,000 to $250,000 per dwelling unit (Sec. 1). 

• Prohibits the payments, grants, or loans from being used for the following purposes (Sec. 1): 

• The administrative costs of an eligible applicant, unless otherwise permitted by law;

• The cost of the acquisition, construction, conversion, or rehabilitation of residential units which, after such acquisition, construction, conversion, or rehabilitation, are to be occupied by persons who are not persons of low income; and

• The cost of the acquisition, construction, conversion, or rehabilitation of residential units that, after such acquisition, construction, conversion, or rehabilitation, are occupied or to be occupied for non-residential purposes. 

• Specifies that no more than 33.3% of funds shall be allocated to private developers for projects within a city with a population of 1 million or more for each fiscal year (Sec. 1).

Full Bill Text