NY State Senate Bill 2023-S9380A

Senate Bill S9380A

2023-2024 Legislative Session

Creates an affordable housing relief fund program to preserve affordable multifamily residential properties located in New York state

download bill text pdf

Current Bill Status - In Senate Committee Finance Committee

Introduced
- In Committee Assembly
- In Committee Senate
- On Floor Calendar Assembly
- On Floor Calendar Senate
- Passed Assembly
- Passed Senate
Delivered to Governor
Signed By Governor

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Actions

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	Assembly Actions - Lowercase Senate Actions - UPPERCASE
May 20, 2024	reported and committed to finance
May 15, 2024	print number 9380a
May 15, 2024	amend and recommit to housing, construction and community development
May 14, 2024	referred to housing, construction and community development

Votes

- May 20, 2024 - Housing, Construction And Community Development Committee Vote
  S9380A
  
  8
  
  Aye
  
  2
  
  Nay
  
  1
  
  Aye with Reservations
  
  0
  
  Absent
  
  0
  
  Excused
  
  0
  
  Abstained
  - - Housing, Construction And Community Development Committee Vote: May 20, 2024
      
      aye (8)
      
      Brisport
      
      Cleare
      
      Jackson
      
      Kavanagh
      
      May
      
      Myrie
      
      Rivera
      
      Salazar
      
      nay (2)
      
      Borrello
      
      Martins
      
      aye wr (1)
      
      Helming

Bill Amendments

Original

A (Active)

2023-S9380 - Details

See Assembly Version of this Bill:: A10293
Current Committee:: Senate Finance
Law Section:: Private Housing Finance Law
Laws Affected:: Add Art 33 §§1300 - 1307, Priv Hous Fin L

2023-S9380 - Summary

Creates an affordable housing relief fund program to preserve affordable multifamily residential properties located in New York state.

2023-S9380 - Sponsor Memo

                                 
BILL NUMBER: S9380

SPONSOR: KAVANAGH
 
TITLE OF BILL:

An act to amend the private housing finance law, in relation to creating
an affordable housing relief fund program to preserve affordable multi-
family residential properties located in New York state

 
PURPOSE:

This bill would establish an Affordable Housing Relief Fund program to
assist multifamily residential properties with a local, state, or feder-
al regulatory agreement with emergency capital repairs.

 
SUMMARY OF SPECIFIC PROVISIONS:

Section 1 amends the private housing finance law by adding a new article
33 to establish an Affordable Housing Relief Fund program to be adminis-
tered by the Housing Trust Fund Corporation (HTFC). HTFC shall develop
procedures, criteria and requirements related to a competitive applica-
tion process. Within the amounts appropriated or available, payments and

grants of up to $85,000 per income restricted unit may be awarded on a
competitive basis for the reasonable and necessary expenses to an eligi-
ble applicant for the preservation or improvement of affordable housing
throughout the state. This section sets forth definitions, program
criteria, funding criteria, and affordability protections. It also
authorizes HTFC to make all funding decisions and establishes annual
reporting requirements.

Section 2 sets forth the effective date.

 
JUSTIFICATION:

Much of the federal COVID-19 aid and administrative relief has come to
an end, but post-pandemic consequences have placed stress on affordable
housing property operations and their financial health.  Labor short-
ages, construction delays, cost overruns, interest rates, rising insur-
ance costs and rental arrears have forced projects to absorb additional
debt.

An affordable housing property financed with federal Low-Income Housing
Tax Credits must be maintained for a 15-year compliance period. At the
end of this period, owners are permitted to refinance or recapitalize
with new credits to address capital needs, while preserving the units as
affordable for an additional term. However, a convergence of the factors
mentioned has caused these properties to operate at a deficit, placing
them at risk of financial and physical distress before reaching their
15-year compliance period. Given that these properties already operate
on tight margins, there is an emergent and ongoing threat of losing
affordable housing units. Residents living in these properties are among
the most vulnerable, typically earning 60% or less of the Area Median
Income (AMI), with many earning less than 30% of AMI.

This bill would create an Affordable Housing Relief Fund program to
offer needed capital funds and debt restructuring to ensure these
at-risk affordable housing properties remain available. The Relief Fund
would help property owners' direct investment back into physical proper-
ties - all intended to ensure tenants have safe and quality homes. With-
out the Relief Fund, these units could be lost to tenants at a higher
rate than new units are being produced, worsening the housing supply
crisis.

 
LEGISLATIVE HISTORY:

This is a new bill.

 
FISCAL IMPLICATIONS:

To be determined. Program funding would be subject to amounts appropri-
ated, or otherwise available.

 
EFFECTIVE DATE:
This act shall take effect immediately.

2023-S9380 - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   9380
 
                             I N  S E N A T E
 
                               May 14, 2024
                                ___________
 
 Introduced  by Sen. KAVANAGH -- read twice and ordered printed, and when
   printed to be committed to the Committee on Housing, Construction  and
   Community Development
 
 AN ACT to amend the private housing finance law, in relation to creating
   an  affordable  housing  relief  fund  program  to preserve affordable
   multifamily residential properties located in New York state

   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 33 to read as follows:
                               ARTICLE XXXIII
                  AFFORDABLE HOUSING RELIEF FUND PROGRAM
 SECTION 1300. STATEMENT OF LEGISLATIVE FINDINGS.
         1301. DEFINITIONS.
         1302. AFFORDABLE HOUSING RELIEF FUND PROGRAM.
         1303. PROGRAM CRITERIA.
         1304. FUNDING CRITERIA.
         1305. AFFORDABILITY PROTECTION.
         1306. FUNDING AND ANNUAL REPORT.
   § 1300. STATEMENT OF LEGISLATIVE FINDINGS. THE LEGISLATURE  FINDS  AND
 DECLARES  THAT  THERE  EXISTS  A  SERIOUS SHORTAGE OF SAFE AND HABITABLE
 AFFORDABLE HOUSING IN NEW YORK STATE FOR PERSONS  AND  FAMILIES  OF  LOW
 INCOME.  A  SIGNIFICANT  PORTION  OF THE AFFORDABLE, MULTIFAMILY HOUSING
 STOCK IS IN OPERATIONAL AND FINANCIAL DISTRESS, THREATENING  TO  EXACER-
 BATE  THIS CRISIS. RENT COLLECTION LOSSES, LABOR SHORTAGES, CONSTRUCTION
 DELAYS, COST OVERRUNS, INTEREST RATES AND RISING  INSURANCE  COSTS  HAVE
 CAUSED  A SIGNIFICANT INCREASE IN OPERATING EXPENSES, WHICH ARE JEOPARD-
 IZING THE AVAILABILITY TO TENANTS OF AFFORDABLE HOUSING UNITS  AND  EVEN
 THE  VIABILITY  OF SOME BUILDINGS. EXISTING PRESERVATION PROGRAM FUNDING
 IS LIMITED, AND THIS IDENTIFIED NEED IS NOT ELIGIBLE FOR  SUCH  FUNDING.
 THE  LEGISLATURE THEREFORE FINDS THAT A PROGRAM SHOULD BE ESTABLISHED TO
 PROVIDE NEEDED CAPITAL FUNDS AND  DEBT  RESTRUCTURING  TO  ENSURE  THESE
 AT-RISK AFFORDABLE HOUSING PROPERTIES REMAIN AVAILABLE TO TENANTS.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD15597-01-4

 S. 9380                             2
 
   § 1301. DEFINITIONS.  FOR  THE PURPOSES OF THIS ARTICLE, THE FOLLOWING
 TERMS SHALL HAVE THE FOLLOWING MEANINGS:
   1. "CORPORATION"  SHALL MEAN THE HOUSING TRUST FUND CORPORATION ESTAB-
 LISHED IN SECTION FORTY-FIVE-A OF THIS CHAPTER.
   2. "AFFORDABLE HOUSING RELIEF  FUND  PROGRAM"  SHALL  MEAN  FORGIVABLE
 LOANS  AVAILABLE  TO  SUPPORT  THE RECAPITALIZATION AND STABILIZATION OF
 QUALIFIED PROPERTIES AND  TO  ASSIST  DEVELOPMENTS  STATEWIDE  THAT  ARE
 OUTSIDE OF THE ALLOWABLE REFINANCING TERM.
   3. "ELIGIBLE  PROJECTS"  SHALL  MEAN  EXISTING  AT-RISK,  ONE  HUNDRED
 PERCENT AFFORDABLE OR SUPPORTIVE MULTIFAMILY RENTAL  PROPERTIES  SUBJECT
 TO A REGULATORY AGREEMENT WITH ONE OR MORE CITY, STATE, OR FEDERAL HOUS-
 ING AGENCIES.
   4. "ELIGIBLE  USES"  SHALL INCLUDE BUT NOT BE LIMITED TO THE PRESERVA-
 TION AND IMPROVEMENT  OF  ELIGIBLE  PROJECTS,  AS  ESTABLISHED  BY  THIS
 SECTION,  TO  ADDRESS  DEFERRED  MAINTENANCE,  CAPITAL  NEEDS, EMERGENCY
 REPAIRS, OR ANY CONDITION WHICH POSES A  THREAT  TO  THE  LIFE,  HEALTH,
 SAFETY,  OR  HABITATION  OF  RESIDENTS, TO INCLUDE DEBT RESTRUCTURING TO
 STABILIZE AND PRESERVE  THE  HOUSING  SUPPLY  AND  REDUCE  THE  RISK  OF
 DEFAULT.
   5. "ELIGIBLE  APPLICANT"  SHALL INCLUDE NOT-FOR-PROFIT CORPORATIONS OR
 CHARITABLE ORGANIZATIONS, OR A WHOLLY OWNED SUBSIDIARY  OF  SUCH  CORPO-
 RATIONS  OR  ORGANIZATIONS, OR PRIVATE FOR-PROFIT DEVELOPERS THAT HAVE A
 REGULATORY AGREEMENT WITH ONE OR MORE CITY, STATE,  OR  FEDERAL  HOUSING
 AGENCIES.  THE SPONSOR, MANAGEMENT COMPANY AND PRINCIPAL PARTICIPANTS IN
 THE PROJECT SHALL BE IN GOOD STANDING, NOT IN DEFAULT UNDER ANY EXISTING
 MORTGAGE FINANCING AND SHALL MEET ALL CREDIT REVIEW CRITERIA IMPOSED  BY
 THE CORPORATION.
   § 1302. AFFORDABLE  HOUSING RELIEF FUND PROGRAM. WITHIN AMOUNTS APPRO-
 PRIATED OR OTHERWISE AVAILABLE THEREFOR, THE HOUSING TRUST  FUND  CORPO-
 RATION  SHALL  DEVELOP  AND ADMINISTER AN AFFORDABLE HOUSING RELIEF FUND
 PROGRAM WHICH SHALL PROVIDE AID IN THE FORM OF PAYMENTS AND  GRANTS  FOR
 REASONABLE AND NECESSARY EXPENSES TO AN ELIGIBLE APPLICANT FOR THE PRES-
 ERVATION OR IMPROVEMENT OF AFFORDABLE HOUSING THROUGHOUT THE STATE.
   § 1303. PROGRAM  CRITERIA.  THE  CORPORATION SHALL DEVELOP PROCEDURES,
 CRITERIA AND REQUIREMENTS RELATED TO  THE  COMPETITIVE  APPLICATION  AND
 AWARD  OF PROJECTS PURSUANT TO THIS SECTION WHICH SHALL INCLUDE:  ELIGI-
 BILITY, MARKET DEMAND, FEASIBILITY AND  FUNDING  CRITERIA;  THE  FUNDING
 DETERMINATION  PROCESS; SUPERVISION AND EVALUATION OF CONTRACTING APPLI-
 CANTS; REPORTING, BUDGETING AND RECORD-KEEPING REQUIREMENTS;  PROVISIONS
 FOR  MODIFICATION  AND  TERMINATION OF CONTRACTS; AND SUCH OTHER MATTERS
 NOT INCONSISTENT WITH THE PURPOSES AND PROVISIONS OF THIS ARTICLE AS THE
 CORPORATION SHALL DEEM NECESSARY OR  APPROPRIATE.  THE  CORPORATION  MAY
 PRIORITIZE BUILDINGS IN THE GREATEST DISTRESS.
   § 1304. FUNDING  CRITERIA.  UP  TO  EIGHTY-FIVE  THOUSAND  DOLLARS PER
 INCOME-RESTRICTED HOUSING UNIT MAY BE AWARDED FOR RESIDENTIAL AFFORDABLE
 HOUSING PRESERVATION OR REHABILITATION. ASSISTANCE SHALL BE IN THE  FORM
 OF  A  ZERO  PERCENT  INTEREST RATE LOAN, WITH NO MONTHLY PAYMENTS, THAT
 SHALL BE FORGIVEN AFTER TEN YEARS. ALL OR A PORTION OF PROGRAM FUNDS MAY
 BE REQUIRED TO BE REPAID IF THE PROJECT IS  SOLD  WITHIN  TEN  YEARS  OR
 FAILS  TO  COMPLY  WITH  THE REGULATORY AGREEMENT. THE AMOUNT SUBJECT TO
 POSSIBLE REPAYMENT SHALL DECREASE BY 1/120  PER  MONTH  EACH  MONTH  THE
 PROPERTY REMAINS IN COMPLIANCE WITH AFFORDABILITY TERMS.
   § 1305. AFFORDABILITY  PROTECTION.  ELIGIBLE APPLICANTS, AS DEFINED IN
 SECTION THIRTEEN HUNDRED ONE  OF  THIS  ARTICLE,  SHALL  BE  SUBJECT  TO
 AFFORDABILITY,  TENANT PROTECTIONS, AND ALL OTHER EXISTING PROVISIONS AS
 S. 9380                             3
 
 AGREED IN THE QUALIFYING THRESHOLD REGULATORY AGREEMENT WITH ONE OR MORE
 CITY, STATE, OR FEDERAL HOUSING AGENCIES.
   § 1306. FUNDING  AND  ANNUAL  REPORT.  THE  CORPORATION  IN  ITS  SOLE
 DISCRETION SHALL AUTHORIZE ALL FUNDING  DECISIONS  AND  MAKE  ALL  AWARD
 ANNOUNCEMENTS.    THE  CORPORATION  SHALL, ON OR BEFORE DECEMBER THIRTY-
 FIRST IN EACH YEAR SUBMIT A REPORT TO THE LEGISLATURE ON THE IMPLEMENTA-
 TION OF THIS ARTICLE. SUCH REPORT SHALL INCLUDE, BUT NOT BE LIMITED  TO,
 FOR  EACH  AWARD  MADE TO A GRANTEE UNDER THIS ARTICLE: A DESCRIPTION OF
 SUCH AWARD; CONTRACT AMOUNT AND CUMULATIVE TOTAL;  THE  SPECIFIC  ACTIV-
 ITIES  PERFORMED  BY SUCH GRANTEE; THE AMOUNTS OF MONIES RECEIVED BY THE
 GRANTEE FROM SOURCES OTHER THAN PAYMENTS MADE PURSUANT TO THIS  ARTICLE;
 AND SUCH OTHER INFORMATION AS THE CORPORATION DEEMS PERTINENT.
   § 2. This act shall take effect immediately.

co-Sponsors

2023-S9380A (ACTIVE) - Details

See Assembly Version of this Bill:: A10293
Current Committee:: Senate Finance
Law Section:: Private Housing Finance Law
Laws Affected:: Add Art 33 §§1300 - 1307, Priv Hous Fin L

2023-S9380A (ACTIVE) - Summary

Creates an affordable housing relief fund program to preserve affordable multifamily residential properties located in New York state.

2023-S9380A (ACTIVE) - Sponsor Memo

                                 
BILL NUMBER: S9380A

SPONSOR: KAVANAGH
 
TITLE OF BILL:

An act to amend the private housing finance law, in relation to creating
an affordable housing relief fund program to preserve affordable multi-
family residential properties located in New York state

 
PURPOSE:

This bill would establish the Affordable Housing Relief Fund program to
assist distressed multifamily affordable housing properties with a
municipal, state, or federal regulatory agreement with capital repairs.

 
SUMMARY OF SPECIFIC PROVISIONS:

Section 1 amends the private housing finance law by adding a new article
33 to establish an Affordable Housing Relief Fund program to be adminis-
tered by the Housing Trust Fund Corporation (HTFC). HTFC shall develop
procedures, criteria, and requirements related to a competitive applica-
tion process. Subject to appropriation, payments and grants of up to

$50,000 per income-restricted unit may be awarded on a competitive basis
for the reasonable and necessary expenses for the preservation or
improvement of distressed affordable housing properties throughout the
state. This section establishes the Affordable Housing Relief Fund and
its program criteria, funding criteria, and affordability protections.
It also authorizes HTFC to make all funding decisions and establishes
annual reporting requirements.

Section 2 sets forth the effective date.

 
JUSTIFICATION:

Much of the federal COVID-19 aid and administrative relief has come to
an end, but post-pandemic consequences have placed stress on affordable
housing property operations and their financial health.  Rent collection
losses, rising interest rates and insurance costs, and other factors
have caused significant increases in operating expenses and resulted in
some affordable housing operators absorbing additional debt.

An affordable housing property financed with federal Low-Income Housing
Tax Credits must be maintained for a 15-year compliance period. At the
end of this period, owners are permitted to refinance or recapitalize
with new credits to address capital needs, while preserving the units as
affordable for an additional term. However, a convergence of the factors
mentioned has caused these properties to operate at a deficit, placing
them at risk of financial and physical distress before reaching their
15-year compliance period. Given that these properties already operate
on tight margins, there is an emergent and ongoing threat of losing
affordable housing units. Residents living in these properties are among
the most vulnerable, typically earning 60% or less of the Area Median
Income (AMI), with many earning less than 30% of AMI.

This bill would create an Affordable Housing Relief Fund program to
offer needed capital funds and debt restructuring to ensure these
at-risk affordable housing properties remain available. The Affordable
Housing Relief Fund would direct property owners' investment back into
physical properties - all intended to ensure tenants have safe and qual-
ity homes. Without the Affordable Housing Relief Fund, these units could
be lost to tenants at a higher rate than new units are being produced,
worsening the housing supply shortage.

 
LEGISLATIVE HISTORY:

This is a new bill.

 
FISCAL IMPLICATIONS:

To be determined. Program funding would be subject to amounts appropri-
ated, or otherwise available.

 
EFFECTIVE DATE:
This act shall take effect immediately.

2023-S9380A (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  9380--A
 
                             I N  S E N A T E
 
                               May 14, 2024
                                ___________
 
 Introduced  by Sen. KAVANAGH -- read twice and ordered printed, and when
   printed to be committed to the Committee on Housing, Construction  and
   Community  Development  -- committee discharged, bill amended, ordered
   reprinted as amended and recommitted to said committee
 
 AN ACT to amend the private housing finance law, in relation to creating
   an affordable housing  relief  fund  program  to  preserve  affordable
   multifamily residential properties located in New York state
 
   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 33 to read as follows:
                               ARTICLE XXXIII
                  AFFORDABLE HOUSING RELIEF FUND PROGRAM
 SECTION 1300. STATEMENT OF LEGISLATIVE FINDINGS.
         1301. DEFINITIONS.
         1302. AFFORDABLE HOUSING RELIEF FUND PROGRAM.
         1303. PROGRAM CRITERIA.
         1304. FUNDING CRITERIA.
         1305. AFFORDABILITY PROTECTION.
         1306. FUNDING.
         1307. ANNUAL REPORT.
   § 1300. STATEMENT  OF  LEGISLATIVE FINDINGS. THE LEGISLATURE FINDS AND
 DECLARES THAT THERE EXISTS A SERIOUS  SHORTAGE  OF  SAFE  AND  HABITABLE
 AFFORDABLE  HOUSING  IN  NEW  YORK STATE FOR PERSONS AND FAMILIES OF LOW
 INCOME. A PORTION OF THE AFFORDABLE, MULTIFAMILY  HOUSING  STOCK  IS  IN
 OPERATIONAL AND FINANCIAL DISTRESS, THREATENING TO EXACERBATE THIS SHOR-
 TAGE. RENT COLLECTION LOSSES, RISING INTEREST RATES AND INSURANCE COSTS,
 AND  OTHER  FACTORS  HAVE  CAUSED  SIGNIFICANT  INCREASES  IN  OPERATING
 EXPENSES, WHICH MAY JEOPARDIZE THE AVAILABILITY TO TENANTS OF AFFORDABLE
 HOUSING UNITS OR EVEN THE VIABILITY OF SOME BUILDINGS. EXISTING  PRESER-
 VATION  PROGRAM  FUNDING  IS  LIMITED, AND DISTRESSED AFFORDABLE HOUSING
 PROPERTIES MAY NOT BE ELIGIBLE FOR SUCH FUNDING. THE LEGISLATURE  THERE-
 FORE  FINDS THAT A PROGRAM SHOULD BE ESTABLISHED TO PROVIDE NEEDED CAPI-
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD15597-02-4

 S. 9380--A                          2
 
 TAL FUNDS AND DEBT RESTRUCTURING TO ENSURE THESE  DISTRESSED  AFFORDABLE
 HOUSING PROPERTIES REMAIN AVAILABLE TO TENANTS.
   § 1301. DEFINITIONS.  FOR  THE PURPOSES OF THIS ARTICLE, THE FOLLOWING
 TERMS SHALL HAVE THE FOLLOWING MEANINGS:
   1. "CORPORATION" SHALL MEAN THE HOUSING TRUST FUND CORPORATION  ESTAB-
 LISHED IN SECTION FORTY-FIVE-A OF THIS CHAPTER.
   2. "AFFORDABLE  HOUSING  RELIEF  FUND  PROGRAM"  SHALL MEAN FORGIVABLE
 LOANS AVAILABLE TO SUPPORT THE  RECAPITALIZATION  AND  STABILIZATION  OF
 QUALIFIED  PROPERTIES AND TO ASSIST DEVELOPMENTS THAT ARE OUTSIDE OF THE
 ALLOWABLE REFINANCING TERM.
   3. "ELIGIBLE  PROJECTS"  SHALL  MEAN  EXISTING  AT-RISK,  ONE  HUNDRED
 PERCENT  AFFORDABLE  OR SUPPORTIVE MULTIFAMILY RENTAL PROPERTIES SUBJECT
 TO A REGULATORY AGREEMENT WITH ONE OR MORE MUNICIPAL, STATE, OR  FEDERAL
 HOUSING AGENCIES.
   4. "ELIGIBLE  USES"  SHALL INCLUDE BUT NOT BE LIMITED TO THE PRESERVA-
 TION AND IMPROVEMENT  OF  ELIGIBLE  PROJECTS,  AS  ESTABLISHED  BY  THIS
 SECTION,  TO  ADDRESS  DEFERRED  MAINTENANCE,  CAPITAL  NEEDS, EMERGENCY
 REPAIRS, OR ANY CONDITION WHICH POSES A  THREAT  TO  THE  LIFE,  HEALTH,
 SAFETY,  OR  HABITATION  OF  RESIDENTS, TO INCLUDE DEBT RESTRUCTURING TO
 STABILIZE AND PRESERVE  THE  HOUSING  SUPPLY  AND  REDUCE  THE  RISK  OF
 DEFAULT.
   5. "ELIGIBLE  APPLICANT"  SHALL  INCLUDE  NOT-FOR-PROFIT OR CHARITABLE
 ORGANIZATIONS, OR A WHOLLY OWNED SUBSIDIARY OF  SUCH  ORGANIZATIONS,  OR
 PRIVATE FOR-PROFIT PROPERTY OWNERS THAT HAVE A REGULATORY AGREEMENT WITH
 ONE  OR MORE MUNICIPAL, STATE, OR FEDERAL HOUSING AGENCIES APPLICABLE TO
 ONE HUNDRED PERCENT OF THE HOUSING UNITS ON THE PROPERTY.  THE  SPONSOR,
 MANAGEMENT COMPANY AND PRINCIPAL PARTICIPANTS IN THE PROJECT SHALL BE IN
 GOOD  STANDING, NOT IN DEFAULT UNDER ANY EXISTING MORTGAGE FINANCING AND
 SHALL MEET ALL CREDIT REVIEW CRITERIA IMPOSED BY THE CORPORATION.
   § 1302. AFFORDABLE HOUSING RELIEF FUND PROGRAM. WITHIN AMOUNTS  APPRO-
 PRIATED  OR  OTHERWISE AVAILABLE THEREFOR, THE HOUSING TRUST FUND CORPO-
 RATION SHALL DEVELOP AND ADMINISTER AN AFFORDABLE  HOUSING  RELIEF  FUND
 PROGRAM  WHICH  SHALL PROVIDE AID IN THE FORM OF PAYMENTS AND GRANTS FOR
 REASONABLE AND NECESSARY EXPENSES TO ELIGIBLE APPLICANTS FOR THE PRESER-
 VATION OR IMPROVEMENT OF AFFORDABLE HOUSING PROPERTIES.
   § 1303. PROGRAM CRITERIA. THE CORPORATION  SHALL  DEVELOP  PROCEDURES,
 CRITERIA AND REQUIREMENTS RELATED TO THE COMPETITIVE APPLICATION FOR AND
 AWARD OF AID PURSUANT TO THIS SECTION WHICH SHALL INCLUDE:  ELIGIBILITY,
 MARKET  DEMAND,  FEASIBILITY  AND FUNDING CRITERIA; THE FUNDING DETERMI-
 NATION PROCESS; SUPERVISION AND EVALUATION  OF  CONTRACTING  APPLICANTS;
 REPORTING,  BUDGETING  AND  RECORD-KEEPING  REQUIREMENTS; PROVISIONS FOR
 MODIFICATION AND TERMINATION OF CONTRACTS; AND SUCH  OTHER  MATTERS  NOT
 INCONSISTENT  WITH  THE  PURPOSES  AND PROVISIONS OF THIS ARTICLE AS THE
 CORPORATION SHALL DEEM NECESSARY OR  APPROPRIATE.  THE  CORPORATION  MAY
 PRIORITIZE PROPERTIES IN THE GREATEST DISTRESS.
   § 1304. FUNDING CRITERIA. UP TO FIFTY THOUSAND DOLLARS PER INCOME-RES-
 TRICTED  HOUSING  UNIT MAY BE AWARDED FOR RESIDENTIAL AFFORDABLE HOUSING
 PRESERVATION OR REHABILITATION. ASSISTANCE SHALL BE IN  THE  FORM  OF  A
 ZERO PERCENT INTEREST RATE LOAN, WITH NO MONTHLY PAYMENTS, THAT SHALL BE
 FORGIVEN  AFTER  TEN  YEARS.  ALL  OR  A PORTION OF PROGRAM FUNDS MAY BE
 REQUIRED TO BE REPAID IF THE PROJECT IS SOLD WITHIN TEN YEARS  OR  FAILS
 TO  COMPLY WITH THE REGULATORY AGREEMENT. THE AMOUNT SUBJECT TO POSSIBLE
 REPAYMENT SHALL DECREASE BY 1/120 PER  MONTH  EACH  MONTH  THE  PROPERTY
 REMAINS IN COMPLIANCE WITH AFFORDABILITY TERMS.
   § 1305. AFFORDABILITY  PROTECTION.  RECIPIENTS  OF ASSISTANCE SHALL BE
 SUBJECT TO  AFFORDABILITY  RESTRICTIONS,  TENANT  PROTECTIONS,  AND  ALL
 S. 9380--A                          3

 EXISTING PROVISIONS OF ANY REGULATORY AGREEMENT WITH ONE OR MORE MUNICI-
 PALITY,  STATE,  OR  FEDERAL  HOUSING  AGENCY THAT SERVES AS A BASIS FOR
 ELIGIBILITY FOR ASSISTANCE UNDER THIS PROGRAM.
   § 1306. FUNDING.  SUBJECT  TO  APPROPRIATIONS  FOR  THIS  PROGRAM, THE
 CORPORATION IN ITS SOLE DISCRETION SHALL AUTHORIZE ALL FUNDING DECISIONS
 AND MAKE ALL AWARD DETERMINATIONS.
   § 1307. ANNUAL REPORT. THE CORPORATION SHALL,  ON  OR  BEFORE  JANUARY
 THIRTY-FIRST  IN  EACH  YEAR  SUBMIT  A REPORT TO THE LEGISLATURE ON THE
 IMPLEMENTATION OF THIS ARTICLE. SUCH REPORT SHALL INCLUDE,  BUT  NOT  BE
 LIMITED  TO,  THE  NUMBER  OF  APPLICATIONS  RECEIVED  BY THE END OF THE
 PRECEDING CALENDAR YEAR, THE TOTAL DOLLAR AMOUNT OF  SUCH  APPLICATIONS,
 AND  THE  DISPOSITION OF SUCH APPLICATIONS; AND FOR EACH AWARD MADE TO A
 GRANTEE UNDER THIS ARTICLE, A DESCRIPTION OF SUCH  AWARD,  THE  CONTRACT
 AMOUNT  AND  CUMULATIVE TOTAL, THE SPECIFIC ACTIVITIES PERFORMED BY SUCH
 GRANTEE, THE AMOUNTS OF MONIES RECEIVED  BY  THE  GRANTEE  FROM  SOURCES
 OTHER THAN PAYMENTS MADE PURSUANT TO THIS ARTICLE, AND SUCH OTHER INFOR-
 MATION AS THE CORPORATION DEEMS PERTINENT.
   § 2. This act shall take effect immediately.

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