New York A 5286: Eliminates rent regulation protections for certain high income tenants and amends certain provisions relating to deregulation of rent-stabilized housing

Bill Text

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A05286 Summary:

BILL NOA05286 

&nbsp

SAME ASNo Same As

&nbsp

SPONSORBurke

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COSPNSR

&nbsp

MLTSPNSR

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Add §59-j, Priv Hous Fin L; add §99-ss, St Fin L

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Establishes a home repair project revolving loan program and revolving loan fund for emergent or essential home repair projects for low and middle-income households.

Go to top A05286 Actions:

BILL NOA05286 

&nbsp

02/12/2025referred to housing

01/07/2026referred to housing

Go to topA05286 Committee&nbspVotes:

Go to topA05286 Floor&nbspVotes:

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

Go to topA05286 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 5286

 2025-2026 Regular Sessions

 IN ASSEMBLY

 February 12, 2025
 ___________

 Introduced by M. of A. BURKE -- read once and referred to the Committee
 on Housing

 AN ACT to amend the private housing finance law and the state finance
 law, in relation to establishing a home repair project revolving loan
 program and revolving loan fund; and making an appropriation therefor

 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 59-j to read as follows:
 3 § 59-j. Home repair project revolving loan program. 1. For the
 4 purposes of this section, the following terms shall have the following
 5 meanings:
 6 (a) "Eligible home repair project" means an emergent or essential home
 7 repair project that will improve the household's quality of life where
 8 such household has an income of not more than:
 9 (i) for households with only one adult, eighty-seven thousand five
 10 hundred dollars;
 11 (ii) for households with two or more adults, two hundred fifteen thou-
 12 sand dollars; and
 13 (iii) for households with two or more adults and dependents of such
 14 adults, two hundred ten thousand dollars.
 15 (b) "Program" means the home repair project revolving loan program
 16 established pursuant to this section.
 17 2. The agency is hereby authorized and directed to establish a home
 18 repair project revolving loan program to provide zero-percent interest
 19 loans, in accordance with subdivision four of this section, to homeown-
 20 ers to finance eligible home repair projects. Loans provided under the
 21 program shall be between one thousand and thirty thousand dollars and
 22 shall have at least three repayment plan options. Notwithstanding the
 23 provisions of any law to the contrary, state financial assistance in the

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD05657-01-5

 A. 5286 2

 1 form of a loan may be provided for costs of eligible projects for capi-
 2 tal costs related to such projects.
 3 3. (a) The agency shall develop a method whereby homeowners may apply
 4 to the agency to receive loans under the program for eligible home
 5 repair projects. Such applications shall include:
 6 (i) A quote for the cost of the repair, along with the contact infor-
 7 mation of the company providing the quote.
 8 (ii) A mailing address.
 9 (iii) The most recent tax returns for all household members listed on
 10 the mortgage or who contribute to housing costs.
 11 (iv) The banking and credit card information for all household members
 12 listed on the mortgage or who contribute to housing costs.
 13 (v) A selection of a repayment plan offered under the program.
 14 (b) The agency, after review of the fiscal needs of such eligible home
 15 repair projects, shall make a determination, subject to any restrictions
 16 under this section, as to the homeowners to be awarded state financial
 17 assistance under this section, and the amount of such financial assist-
 18 ance. In making such determinations, the agency shall consider the
 19 potential impact of eligible home repair projects, and the needs of the
 20 areas where such eligible home repair projects would be located, with a
 21 goal of improving the quality of life of homeowners and their house-
 22 holds. The agency shall ensure that such financial assistance awards
 23 are made to homeowners for eligible home repair projects located in all
 24 geographic regions of the state from which applications for such fi