New York S 3219: Creates an affordable housing relief fund program to preserve affordable multifamily residential properties located in New York state

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S03219 Summary:

BILL NOS03219 

&nbsp

SAME ASSAME AS A01729

&nbsp

SPONSORKAVANAGH

&nbsp

COSPNSR

&nbsp

MLTSPNSR

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Add Art 33 §§1300 - 1307, Priv Hous Fin L

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Creates an affordable housing relief fund program to preserve affordable multifamily residential properties located in New York state.

Go to top S03219 Actions:

BILL NOS03219 

&nbsp

01/24/2025REFERRED TO HOUSING, CONSTRUCTION AND COMMUNITY DEVELOPMENT

01/07/2026REFERRED TO HOUSING, CONSTRUCTION AND COMMUNITY DEVELOPMENT

Go to topS03219 Committee&nbspVotes:

Go to topS03219 Floor&nbspVotes:

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

Go to topS03219 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 3219

 2025-2026 Regular Sessions

 IN SENATE

 January 24, 2025
 ___________

 Introduced by Sen. KAVANAGH -- 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 creating
 an affordable housing relief fund program to preserve affordable
 multifamily residential properties located in New York state

 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 AFFORDABLE HOUSING RELIEF FUND PROGRAM
 5 Section 1300. Statement of legislative findings.
 6 1301. Definitions.
 7 1302. Affordable housing relief fund program.
 8 1303. Program criteria.
 9 1304. Funding criteria.
 10 1305. Affordability protection.
 11 1306. Funding.
 12 1307. Annual report.
 13 § 1300. Statement of legislative findings. The legislature finds and
 14 declares that there exists a serious shortage of safe and habitable
 15 affordable housing in New York state for persons and families of low
 16 income. A portion of the affordable, multifamily housing stock is in
 17 operational and financial distress, threatening to exacerbate this shor-
 18 tage. Rent collection losses, rising interest rates and insurance costs,
 19 and other factors have caused significant increases in operating
 20 expenses, which may jeopardize the availability to tenants of affordable
 21 housing units or even the viability of some buildings. Existing preser-
 22 vation program funding is limited, and distressed affordable housing
 23 properties may not be eligible for such funding. The legislature there-

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD04257-01-5

 S. 3219 2

 1 fore finds that a program should be established to provide needed capi-
 2 tal funds and debt restructuring to ensure these distressed affordable
 3 housing properties remain available to tenants.
 4 § 1301. Definitions. For the purposes of this article, the following
 5 terms shall have the following meanings:
 6 1. "Corporation" shall mean the housing trust fund corporation estab-
 7 lished in section forty-five-a of this chapter.
 8 2. "Affordable housing relief fund program" shall mean forgivable
 9 loans available to support the recapitalization and stabilization of
 10 qualified properties and to assist developments that are outside of the
 11 allowable refinancing term.
 12 3. "Eligible projects" shall mean existing at-risk, one hundred
 13 percent affordable or supportive multifamily rental properties subject
 14 to a regulatory agreement with one or more municipal, state, or federal
 15 housing agencies.
 16 4. "Eligible uses" shall include but not be limited to the preserva-
 17 tion and improvement of eligible projects, as established by this
 18 section, to address deferred maintenance, capital needs, emergency
 19 repairs, or any condition which poses a threat to the life, health,
 20 safety, or habitation of residents, to include debt restructuring to
 21 stabilize and preserve the housing supply and reduce the risk of
 22 default.
 23 5. "Eligible applicant" shall include not-for-profit or charitable
 24 organizations, or a wholly owned subsidiary of such organizations, or
 25 private for-profit property owners that have a regulatory agreement with
 26 one or more municipal, state, or federal housing agenc