New York S 10503: Establishes the build more, get more incentive fund

Bill Text

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S10503 Summary:

BILL NOS10503 

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SAME ASNo Same As

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SPONSORBOTTCHER

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COSPNSR

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MLTSPNSR

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Add Art 28 §§1240 - 1247, Priv Hous Fin L

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Establishes the pro-housing communities incentive fund to provide incentive payments to municipalities based on the number of eligible new housing units produced within such municipality.

Go to top S10503 Actions:

BILL NOS10503 

&nbsp

05/15/2026REFERRED TO FINANCE

Go to topS10503 Committee&nbspVotes:

Go to topS10503 Floor&nbspVotes:

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

Go to topS10503 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 10503

 IN SENATE

 May 15, 2026
 ___________

 Introduced by Sen. BOTTCHER -- read twice and ordered printed, and when
 printed to be committed to the Committee on Finance

 AN ACT to amend the private housing finance law, in relation to estab-
 lishing the pro-housing communities incentive 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 article 28 to read as follows:
 3 ARTICLE 28
 4 PRO-HOUSING COMMUNITIES INCENTIVE FUND
 5 Section 1240. Definitions.
 6 1241. Establishment of fund.
 7 1242. Incentive payments.
 8 1243. Permitted uses of funds.
 9 1244. Certification and reporting.
 10 1245. Anti-displacement and anti-gaming provisions.
 11 1246. Bonus for certified pro-housing communities.
 12 1247. Annual report.
 13 § 1240. Definitions. For the purposes of this article:
 14 1. "Corporation" means the New York State Housing Trust Fund Corpo-
 15 ration.
 16 2. "Municipality" means any city, town, or village.
 17 3. "Net new housing unit" means a dwelling unit that:
 18 (a) receives a certificate of occupancy, temporary certificate of
 19 occupancy, or equivalent local authorization on or after the effective
 20 date of this article;
 21 (b) increases the total number of lawful dwelling units within the
 22 municipality; and
 23 (c) does not merely replace a dwelling unit that was demolished,
 24 converted, or otherwise eliminated, except as otherwise provided for
 25 deeply affordable, supportive, or public housing replacement.
 26 4. "Eligible housing unit" means a net new housing unit, including but
 27 not limited to:

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD15840-01-6

 S. 10503 2

 1 (a) rental housing;
 2 (b) homeownership housing;
 3 (c) affordable housing;
 4 (d) supportive housing;
 5 (e) senior housing;
 6 (f) accessory dwelling units;
 7 (g) conversions from nonresidential to residential use;
 8 (h) mixed-use development containing residential units; and
 9 (i) public housing, Mitchell-Lama housing, or other publicly assisted
 10 housing.
 11 § 1241. Establishment of fund. There is hereby established the pro-
 12 housing communities incentive fund, to be administered by the corpo-
 13 ration. Subject to appropriation, the fund shall provide incentive
 14 payments to municipalities based on the number of eligible net new hous-
 15 ing units produced within such municipality.
 16 § 1242. Incentive payments. 1. For each eligible net new housing unit,
 17 the corporation shall provide the municipality with an incentive payment
 18 of:
 19 (a) ten thousand dollars per net new housing unit;
 20 (b) fifteen thousand dollars per net new affordable housing unit
 21 affordable to households earning up to eighty percent of area median
 22 income;
 23 (c) twenty thousand dollars per net new deeply affordable, supportive,
 24 public housing, or formerly homeless housing unit;
 25 (d) five thousand dollars per net new accessory dwelling unit.
 26 2. The corporation may adjust such amounts annually based on available
 27 appropriations and regional housing need.
 28 § 1243. Permitted uses of funds. 1. Funds awarded under this article
 29 may be used by a municipality for any lawful municipal purpose, includ-
 30 ing but not limited to:
 31 (a) sewer, water, school, park, street, transit, and public realm
 32 infrastructure;
 33 (b) planning, zoning, environmental review, and building department
 34 staffing;
 35 (c) affordable housin