New York A 489: Establishes the small rental housing development initiative to provide funding to eligible applicants to construct small rental housing developments in eligible areas

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A00489 Summary:

BILL NOA00489A

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SAME ASSAME AS S00595-A

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SPONSORWoerner

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COSPNSRZinerman, Giglio, Buttenschon, Kay, Gallahan

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MLTSPNSR

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Add Art 33 §§1300 - 1302, Priv Hous Fin L

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Establishes the small rental housing development initiative to provide funding to eligible applicants to construct small rental housing developments in eligible areas.

Go to top A00489 Actions:

BILL NOA00489A

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01/08/2025referred to housing

09/03/2025amend and recommit to housing

09/03/2025print number 489a

01/07/2026referred to housing

Go to topA00489 Committee&nbspVotes:

Go to topA00489 Floor&nbspVotes:

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

Go to topA00489 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 489--A

 2025-2026 Regular Sessions

 IN ASSEMBLY

 (Prefiled)

 January 8, 2025
 ___________

 Introduced by M. of A. WOERNER, ZINERMAN, GIGLIO, BUTTENSCHON -- read
 once and referred to the Committee on Housing -- committee discharged,
 bill amended, ordered reprinted as amended and recommitted to said
 committee

 AN ACT to amend the private housing finance law, in relation to estab-
 lishing the small rental housing development initiative

 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 article 33 to read as follows:
 3 ARTICLE XXXIII
 4 SMALL RENTAL HOUSING DEVELOPMENT INITIATIVE
 5 Section 1300. Legislative findings and statement of policy.
 6 1301. Definitions.
 7 1302. Small rental housing development initiative.
 8 § 1300. Legislative findings and statement of policy. The legislature
 9 hereby finds and declares that there exists in many rural areas of the
 10 state a substantial need for affordable rental housing of a size that is
 11 suitable to small communities with limited infrastructure. The findings
 12 set forth in article seventeen of this chapter, with respect to the
 13 special needs and problems of such areas and the significant potential
 14 role of locally based not-for-profit organizations in helping to meet
 15 such needs, are hereby reaffirmed. The legislature hereby determines
 16 that, in addition to the program of state support to help meet the
 17 administrative expenses of such organizations under article seventeen of
 18 this chapter, a further public need exists for state funding for the
 19 development of affordable rental housing of between two and twenty
 20 units. It is the purpose of this article to encourage the acquisition,
 21 rehabilitation, and construction of affordable rental housing including

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD01745-03-5

 A. 489--A 2

 1 in the rural areas of the state by establishing a dedicated program of
 2 such funding.
 3 § 1301. Definitions. For the purposes of this article, the following
 4 terms shall have the following meanings:
 5 1. "Corporation" shall mean the housing trust fund corporation estab-
 6 lished in section forty-five-a of this chapter.
 7 2. "Small rental housing developments" shall mean affordable rental
 8 apartment buildings of between two and twenty units for low to moderate
 9 income households.
 10 3. "Rural area" shall mean cities, towns and villages having a popu-
 11 lation of less than thirty thousand as determined by the last federal
 12 decennial census.
 13 4. "Eligible applicant" shall mean a housing or community development
 14 not-for-profit organization eligible to do business in New York state.
 15 5. "Low to moderate-income household" shall mean a household with up
 16 to one hundred twenty percent of area median income.
 17 6. "Period of affordability" shall mean the required length of time a
 18 project must meet affordability requirements pursuant to this article
 19 and to be specified in the project note and mortgage.
 20 § 1302. Small rental housing development initiative. 1. Applicants
 21 acquiring, rehabilitating, or constructing small rental housing develop-
 22 ments shall be eligible for state funding in the form of deferred
 23 payment, at zero percent interest loans, due on sale. Such zero interest
 24 loans may be subject to