New York S 9117: Establishes the small homeowner rehabilitation revolving loan program

Bill Text

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S09117 Summary:

BILL NOS09117 

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SAME ASNo Same As

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SPONSORCOMRIE

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COSPNSR

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MLTSPNSR

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Add §43-a, Priv Hous Fin L

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Establishes the small homeowner rehabilitation revolving loan program administered by the New York state housing finance agency consisting of moneys appropriated by the legislature, repayments of principal and interest on loans made from the program, interest earnings, private or philanthropic contributions, and any other moneys made available for its purposes; authorizes the New York state housing finance agency to make low-interest loans, deferred payment loans, or forgivable loans, or a combination thereof, to eligible small homeowners for eligible rehabilitation and repair projects; provides for eligibility requirements and tenant protections.

Go to top S09117 Actions:

BILL NOS09117 

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02/04/2026REFERRED TO HOUSING, CONSTRUCTION AND COMMUNITY DEVELOPMENT

Go to topS09117 Committee&nbspVotes:

Go to topS09117 Floor&nbspVotes:

There are no Assembly votes for this bill in this legislative session.

Go to topS09117 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 9117

 IN SENATE

 February 4, 2026
 ___________

 Introduced by Sen. COMRIE -- read twice and ordered printed, and when
 printed to be committed to the Committee on Housing, Construction and
 Community Development

 AN ACT to amend the private housing finance law, in relation to estab-
 lishing a small homeowner rehabilitation revolving loan program admin-
 istered by the New York state housing finance agency

 The People of the State of New York, represented in Senate and Assem-
 bly, do enact as follows:

 1 Section 1. The private housing finance law is amended by adding a new
 2 section 43-a to read as follows:
 3 § 43-a. Small homeowner rehabilitation revolving loan program. 1. For
 4 the purposes of this section, the following terms shall have the follow-
 5 ing meanings:
 6 (a) "Small homeowner" means a natural person, family trust, estate,
 7 limited liability company, or closely held corporation that owns one or
 8 more multiple dwellings containing ten dwelling units or fewer within
 9 the state of New York.
 10 (b) "Eligible property" means a residential multiple dwelling contain-
 11 ing ten dwelling units or fewer, including mixed-use buildings with
 12 residential units above ground-floor commercial space, provided that the
 13 residential units constitute the primary use.
 14 (c) "Eligible rehabilitation and repair" means work necessary to
 15 correct building code violations; address health and safety hazards;
 16 repair or replace building systems including roofs, boilers, plumbing,
 17 electrical, elevators, and facades; remediate mold, lead, asbestos, or
 18 other environmental hazards; perform energy efficiency or resiliency
 19 improvements; and undertake other capital repairs necessary to maintain
 20 habitability and regulatory compliance.
 21 (d) "Administering agency" means the New York state housing finance
 22 agency, which shall have full authority to administer the program
 23 created under this section, and may consult with the New York state
 24 homes and community renewal or other public or nonprofit partners for
 25 technical assistance, underwriting, and compliance purposes.

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD14756-01-6

 S. 9117 2

 1 (e) "Program" means the small homeowner rehabilitation revolving loan
 2 program established under this section.
 3 2. (a) There is hereby established within the New York state housing
 4 finance agency a program to be known as the small homeowner rehabili-
 5 tation revolving loan program.
 6 (b) The program shall consist of moneys appropriated by the legisla-
 7 ture, repayments of principal and interest on loans made from the
 8 program, interest earnings, private or philanthropic contributions, and
 9 any other moneys made available for its purposes.
 10 (c) Moneys in the program shall be continuously available and shall
 11 not lapse.
 12 3. (a) The administering agency is authorized to make low-interest
 13 loans, deferred payment loans, or forgivable loans, or a combination
 14 thereof, to eligible small homeowners for eligible rehabilitation and