New York S 7939: Creates an affordable housing insurance relief fund program

Bill Text

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S07939 Summary:

BILL NOS07939 

&nbsp

SAME ASSAME AS A07828-A

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SPONSORBAILEY

&nbsp

COSPNSR

&nbsp

MLTSPNSR

&nbsp

Add Art 33 §§1301 - 1308, Priv Hous Fin L

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Creates an affordable housing insurance relief fund program to provide grants to eligible projects for reasonable and necessary commercial insurance expenses.

Go to top S07939 Actions:

BILL NOS07939 

&nbsp

05/14/2025REFERRED TO HOUSING, CONSTRUCTION AND COMMUNITY DEVELOPMENT

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

Go to topS07939 Committee&nbspVotes:

Go to topS07939 Floor&nbspVotes:

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

Go to topS07939 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 7939

 2025-2026 Regular Sessions

 IN SENATE

 May 14, 2025
 ___________

 Introduced by Sen. BAILEY -- 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 insurance relief fund program; and providing for
 the repeal of such provisions upon expiration thereof

 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 INSURANCE RELIEF FUND PROGRAM
 5 Section 1301. Definitions.
 6 1302. Affordable housing insurance relief fund program.
 7 1303. Program criteria.
 8 1304. Funding criteria.
 9 1305. Funding.
 10 1306. Annual report.
 11 1307. Stakeholder advisory group.
 12 1308. Disposition upon expiration.
 13 § 1301. Definitions. For the purposes of this article, the following
 14 terms shall have the following meanings:
 15 1. "Corporation" shall mean the housing trust fund corporation estab-
 16 lished in section forty-five-a of this chapter.
 17 2. "Program" shall mean the affordable housing insurance relief fund
 18 program established under this article.
 19 3. "Eligible project" shall mean a proposed, one hundred percent
 20 affordable or supportive multifamily rental property subject to a regu-
 21 latory agreement with one or more municipal, state, or federal housing
 22 agencies.

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD11421-05-5

 S. 7939 2

 1 4. "Eligible applicant" shall include for-profit and not-for-profit
 2 affordable housing developers that have a regulatory agreement with one
 3 or more municipal, state, or federal housing agencies which will be
 4 applicable to one hundred percent of the housing units on the property
 5 upon completion of the property's development.
 6 5. "Commercial insurance expenses" shall mean premiums and related
 7 costs paid by eligible applicants for insurance policies that provide
 8 coverage for commercial property damage, general liability, excess
 9 liability, or umbrella liability risks associated with the operation and
 10 maintenance of affordable housing developments. Such policies shall be
 11 customarily issued under commercial habitational insurance lines.
 12 § 1302. Affordable housing insurance relief fund program. Within
 13 amounts appropriated or otherwise available therefor, the housing trust
 14 fund corporation shall develop and administer an affordable housing
 15 insurance relief fund program which shall provide aid in the form of
 16 payments and grants for reasonable and necessary commercial insurance
 17 expenses to eligible applicants for the development of affordable hous-
 18 ing properties in accordance with this article.
 19 § 1303. Program criteria. 1. The corporation shall develop procedures,
 20 criteria and requirements for the program related to the competitive
 21 application for and award of grants pursuant to this article which shall
 22 include, but not be limited to: eligibility, market demand, feasibility
 23 and funding criteria; the funding determination process; supervision and
 24 evaluation of contracting applicants; reporting, budgeting and record-
 25 keeping requirements; provisions for modification and termination of
 26 contracts; and such other matters not inco