Establishes an affordable housing relief fund program to preserve affordable multifamily residential properties in New York state.
The bill creates an affordable housing relief fund program to preserve affordable multifamily residential properties in New York state. The program provides aid in the form of payments and grants for the preservation or improvement of eligible properties. Eligible projects include at-risk, 100% affordable or supportive multifamily rental properties with a regulatory agreement. Assistance is in the form of zero percent interest rate loans, forgiven after ten years. Recipients must adhere to affordability restrictions and tenant protections.
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