Modifies eligibility requirements for housing development fund company shareholders and limits regulatory agreements.

New York S06781 amends the private housing finance law to modify eligibility requirements for shareholders of housing development fund companies. If a shareholder inherits residential property within 100 miles of a housing development fund company project, they must either vacate their dwelling unit or sell the inherited property. The bill also limits the assets of a shareholder to 175% or less of the area median income.

Modifies eligibility requirements for housing development fund company shareholders and limits regulatory agreements.

New York S06781 amends the private housing finance law to modify eligibility requirements for shareholders of housing development fund companies. If a shareholder inherits residential property within 100 miles of a housing development fund company project, they must either vacate their dwelling unit or sell the inherited property. The bill also limits the assets of a shareholder to 175% or less of the area median income.