Relates to the powers of the New York state division of housing and community renewal and supervising agencies and the obligations of certain New York state funded housing providers

Summary

The legislation permits the state housing commissioner to approve loans and encumbrances that exceed a project's actual cost, provided the extra amount covers capital improvements, any rent increase is not overly burdensome, and the housing provider remains bound by the law for at least 30 years. It also limits any additional equity return to no more than 10% above the cost of the improvements. The changes apply to private housing finance law sections 22‑a and 82‑a and take effect immediately.

AI-generated summary — may be incomplete or inaccurate. Verify against the official bill text.

Topics

Share