Establishes the vacant rental improvement program to provide grants of up to $75,000 per unit to owners of buildings with five or fewer units.

New York State Senate Bill S01399 establishes the vacant rental improvement program to provide grants of up to $75,000 per unit to owners of buildings with five or fewer units. The bill aims to address the shortage of safe and affordable rental units in upstate New York by offering financial assistance for necessary improvements to rental units. Owners must agree to lease the renovated units at a rate affordable to persons earning no more than 80% of the area median income for ten years.

Establishes the vacant rental improvement program to provide grants of up to $75,000 per unit to owners of buildings with five or fewer units.

New York State Senate Bill S01399 establishes the vacant rental improvement program to provide grants of up to $75,000 per unit to owners of buildings with five or fewer units. The bill aims to address the shortage of safe and affordable rental units in upstate New York by offering financial assistance for necessary improvements to rental units. Owners must agree to lease the renovated units at a rate affordable to persons earning no more than 80% of the area median income for ten years.