New York A 7679: Establishes the vacant rental improvement program

Bill Text

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A07679 Summary:

BILL NOA07679 

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SAME ASNo Same As

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SPONSORMcDonald

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COSPNSR

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MLTSPNSR

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Add Art 33 §§1300 & 1301, Priv Hous Fin L; add §99-ss, St Fin L

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Establishes the vacant rental improvement program to provide grants of up to $75,000 per unit to owners of buildings with five or fewer units.

Go to top A07679 Actions:

BILL NOA07679 

&nbsp

04/04/2025referred to housing

01/07/2026referred to housing

Go to topA07679 Committee&nbspVotes:

Go to topA07679 Floor&nbspVotes:

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

Go to topA07679 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 7679

 2025-2026 Regular Sessions

 IN ASSEMBLY

 April 4, 2025
 ___________

 Introduced by M. of A. McDONALD -- read once and referred to the Commit-
 tee on Housing

 AN ACT to amend the private housing finance law and the state finance
 law, in relation to establishing the vacant rental improvement program

 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 VACANT RENTAL IMPROVEMENT PROGRAM
 5 Section 1300. Statement of legislative findings and purpose.
 6 1301. Vacant rental improvement program.
 7 § 1300. Statement of legislative findings and purpose. It is hereby
 8 declared and found that there exists across upstate New York a shortage
 9 of safe and affordable rental units. It is further found that stable
 10 housing is tied to positive employment, education, and health outcomes,
 11 and that the state therefore has an interest in promoting safe and
 12 affordable housing opportunities. In order, further, to promote such
 13 opportunities, it is hereby declared that additional provisions should
 14 be made to provide public monies for the purpose of grants to owners of
 15 buildings with five or fewer units to make necessary improvements to
 16 rental units on the condition that renovated units will be leased at a
 17 reasonable rate for ten years. The necessity in the public interest for
 18 the provisions of this article is hereby declared as a matter of legis-
 19 lative determination.
 20 § 1301. Vacant rental improvement program. 1. (a) The housing trust
 21 fund corporation shall, subject to appropriation, make capital grants of
 22 up to seventy-five thousand dollars per unit to owners of buildings with
 23 five or fewer units for the purpose of making necessary improvements to
 24 rental units located outside of a city with a population of one million
 25 or more. The housing trust fund corporation, to the extent practicable,

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD03464-03-5

 A. 7679 2

 1 shall prioritize funding for units that are currently vacant or have
 2 outstanding code violations.
 3 (b) Receipt of such capital grants shall be conditioned upon a regula-
 4 tory agreement by such owners to lease such renovated units at a rate
 5 affordable to persons earning no more than eighty percent of area median
 6 income, as calculated by the United States department of housing and
 7 urban development, for the ten-year period commencing at the start of
 8 the first lease agreement following a renovation or rehabilitation
 9 completed pursuant to this article. Upon a finding by the housing trust
 10 fund corporation that an owner who has received a grant to renovate a
 11 rental unit pursuant to this section has violated the regulatory agree-
 12 ment, any grants received by such owner shall be subject to recoupment
 13 in full. Rental restrictions shall not expire if the unit is trans-
 14 ferred or sold to a new owner. The housing trust fund corporation shall
 15 promulgate rules and regulations to ensure compliance with this section.
 16 2. The chief executive officer of the housing trust fund corporation
 17 shall promulgate rules and regulations deemed necessary and appropriate
 18 to establish and administer the vacant rental improvement program pursu-
 19 ant to this article, including but not limited to the application proc-
 20 ess, eligibility requirements, disbursement of grants, determinat