S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   9325
 
                           I N  A S S E M B L Y
 
                             February 29, 2024
                                ___________
 
 Introduced by M. of A. McDONALD -- read once and referred to the Commit-
   tee on Housing
 
 AN  ACT  to  amend the private housing finance law and the state finance
   law, in relation to establishing the  rental  improvement  fund  pilot
   program
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:

   Section 1. The private housing finance law is amended by adding a  new
 article 32 to read as follows:
                                ARTICLE XXXII
                   RENTAL IMPROVEMENT FUND PILOT PROGRAM
 SECTION 1290. STATEMENT OF LEGISLATIVE FINDINGS AND PURPOSE.
         1291. RENTAL IMPROVEMENT FUND PILOT PROGRAM.
   §  1290.  STATEMENT  OF LEGISLATIVE FINDINGS AND PURPOSE. IT IS HEREBY
 DECLARED AND FOUND THAT THERE EXISTS ACROSS UPSTATE NEW YORK A  SHORTAGE
 OF  SAFE  AND  AFFORDABLE  RENTAL UNITS. IT IS FURTHER FOUND THAT STABLE
 HOUSING IS TIED TO POSITIVE EMPLOYMENT, EDUCATION, AND HEALTH  OUTCOMES,
 AND  THAT  THE  STATE  THEREFORE  HAS  AN INTEREST IN PROMOTING SAFE AND
 AFFORDABLE HOUSING OPPORTUNITIES. IN ORDER,  FURTHER,  TO  PROMOTE  SUCH
 OPPORTUNITIES,  IT  IS HEREBY DECLARED THAT ADDITIONAL PROVISIONS SHOULD
 BE MADE TO PROVIDE PUBLIC MONIES FOR THE  PURPOSE  OF  GRANTS  TO  SMALL
 LANDLORDS  TO  MAKE NECESSARY IMPROVEMENTS TO RENTAL UNITS ON THE CONDI-
 TION THAT RENOVATED UNITS WILL BE LEASED AT A REASONABLE  RATE  FOR  TEN
 YEARS.   THE NECESSITY IN THE PUBLIC INTEREST FOR THE PROVISIONS OF THIS
 ARTICLE IS HEREBY DECLARED AS A MATTER OF LEGISLATIVE DETERMINATION.
   § 1291. RENTAL IMPROVEMENT FUND PILOT PROGRAM. 1. (A) OVER A PERIOD OF
 FIVE YEARS BEGINNING ON THE EFFECTIVE DATE OF THIS ARTICLE, THE DIVISION
 OF HOUSING AND COMMUNITY RENEWAL SHALL, SUBJECT TO  APPROPRIATION,  MAKE
 CAPITAL GRANTS OF UP TO SEVENTY-FIVE THOUSAND DOLLARS PER UNIT AVAILABLE
 TO  SMALL  LANDLORDS FOR THE PURPOSE OF MAKING NECESSARY IMPROVEMENTS TO
 UP TO FOUR THOUSAND RENTAL UNITS LOCATED IN ALBANY, BUFFALO,  ROCHESTER,
 AND  SYRACUSE.  THE  ALLOCATION  OF  THE  FOUR  THOUSAND GRANTS SHALL BE
 PROPORTIONAL TO THE POPULATIONS OF EACH OF THE FOUR CITIES.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD14513-03-4
              

 A. 9325                             2
 
   (B) RECEIPT OF SUCH CAPITAL GRANTS SHALL BE CONDITIONED UPON AN AGREE-
 MENT BY SUCH LANDLORDS TO LEASE SUCH RENOVATED  UNITS  AT  A  REASONABLE
 RATE  FOR  THE  TEN-YEAR  PERIOD  FOLLOWING  THE RECEIPT OF SUCH CAPITAL
 GRANTS. OVER SUCH TEN-YEAR PERIOD, EACH SUCH RENTAL UNIT SHALL BE ELIGI-
 BLE  TO  RECEIVE  AN  ADDITIONAL  TEN  THOUSAND  DOLLARS FOR MAINTENANCE
 PURPOSES.  UPON A FINDING BY THE COMMISSIONER OF HOUSING  AND  COMMUNITY
 RENEWAL  THAT  A  LANDLORD WHO HAS RECEIVED A GRANT TO RENOVATE A RENTAL
 UNIT PURSUANT TO THIS SECTION INCREASED THE RENT  AT  SUCH  UNIT  AT  AN
 UNREASONABLE RATE, ANY GRANTS RECEIVED BY SUCH LANDLORD SHALL BE SUBJECT
 TO RECOUPMENT IN FULL.
   2.  THE COMMISSIONER OF HOUSING AND COMMUNITY RENEWAL SHALL PROMULGATE
 RULES AND REGULATIONS DEEMED NECESSARY AND APPROPRIATE TO ESTABLISH  AND
 ADMINISTER  THE  RENTAL  IMPROVEMENT FUND PILOT PROGRAM PURSUANT TO THIS
 ARTICLE, INCLUDING BUT NOT LIMITED TO THE APPLICATION PROCESS, ELIGIBIL-
 ITY REQUIREMENTS, DISBURSEMENT OF GRANTS, DETERMINATION OF A  REASONABLE
 LEASE  RATE,  AND ANY OTHER RULES, REGULATIONS, OR DEFINITIONS NECESSARY
 TO CARRY OUT THE PROVISIONS OF THIS ARTICLE.
   § 2. The state finance law is amended by adding a new section 99-rr to
 read as follows:
   § 99-RR. RENTAL IMPROVEMENT FUND. 1. THERE IS  HEREBY  ESTABLISHED  IN
 THE JOINT CUSTODY OF THE STATE COMPTROLLER AND THE COMMISSIONER OF HOUS-
 ING  AND COMMUNITY RENEWAL A FUND TO BE KNOWN AS THE "RENTAL IMPROVEMENT
 FUND".
   2. SUCH FUND SHALL CONSIST OF ALL MONEYS COLLECTED THEREFOR, OR MONEYS
 CREDITED, APPROPRIATED OR TRANSFERRED THERETO FROM  ANY  OTHER  FUND  OR
 SOURCE  PURSUANT  TO  LAW,  OR  ANY  OTHER MONEYS MADE AVAILABLE FOR THE
 PURPOSES OF THE FUND.
   3. MONEYS OF THE FUND, FOLLOWING APPROPRIATION BY THE LEGISLATURE  AND
 ALLOCATION  BY  THE  DIRECTOR OF THE BUDGET, SHALL BE AVAILABLE ONLY FOR
 PURPOSES OF THE RENTAL IMPROVEMENT FUND PILOT PROGRAM, AS SET  FORTH  IN
 ARTICLE THIRTY-TWO OF THE PRIVATE HOUSING FINANCE LAW.
   §  3.  This  act  shall take effect on the sixtieth day after it shall
 have become a law. Effective immediately, the addition, amendment and/or
 repeal of any rule or regulation necessary  for  the  implementation  of
 this  act  on its effective date are authorized to be made and completed
 on or before such effective date.