S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   5286
 
                        2025-2026 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             February 12, 2025
                                ___________
 
 Introduced  by M. of A. BURKE -- read once and referred to the Committee
   on Housing
 
 AN ACT to amend the private housing finance law and  the  state  finance
   law,  in relation to establishing a home repair project revolving loan
   program and revolving loan fund; and making an appropriation therefor

   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
 section 59-j to read as follows:
   § 59-J. HOME  REPAIR  PROJECT  REVOLVING  LOAN  PROGRAM.  1.  FOR  THE
 PURPOSES  OF  THIS SECTION, THE FOLLOWING TERMS SHALL HAVE THE FOLLOWING
 MEANINGS:
   (A) "ELIGIBLE HOME REPAIR PROJECT" MEANS AN EMERGENT OR ESSENTIAL HOME
 REPAIR PROJECT THAT WILL IMPROVE THE HOUSEHOLD'S QUALITY OF  LIFE  WHERE
 SUCH HOUSEHOLD HAS AN INCOME OF NOT MORE THAN:
   (I)  FOR  HOUSEHOLDS  WITH  ONLY ONE ADULT, EIGHTY-SEVEN THOUSAND FIVE
 HUNDRED DOLLARS;
   (II) FOR HOUSEHOLDS WITH TWO OR MORE ADULTS, TWO HUNDRED FIFTEEN THOU-
 SAND DOLLARS; AND
   (III) FOR HOUSEHOLDS WITH TWO OR MORE ADULTS AND  DEPENDENTS  OF  SUCH
 ADULTS, TWO HUNDRED TEN THOUSAND DOLLARS.
   (B)  "PROGRAM"  MEANS  THE  HOME REPAIR PROJECT REVOLVING LOAN PROGRAM
 ESTABLISHED PURSUANT TO THIS SECTION.
   2. THE AGENCY IS HEREBY AUTHORIZED AND DIRECTED TO  ESTABLISH  A  HOME
 REPAIR  PROJECT  REVOLVING LOAN PROGRAM TO PROVIDE ZERO-PERCENT INTEREST
 LOANS, IN ACCORDANCE WITH SUBDIVISION FOUR OF THIS SECTION, TO  HOMEOWN-
 ERS  TO  FINANCE ELIGIBLE HOME REPAIR PROJECTS. LOANS PROVIDED UNDER THE
 PROGRAM SHALL BE BETWEEN ONE THOUSAND AND THIRTY  THOUSAND  DOLLARS  AND
 SHALL  HAVE  AT  LEAST THREE REPAYMENT PLAN OPTIONS. NOTWITHSTANDING THE
 PROVISIONS OF ANY LAW TO THE CONTRARY, STATE FINANCIAL ASSISTANCE IN THE
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD05657-01-5
 A. 5286                             2
              

 
 FORM OF A LOAN MAY BE PROVIDED FOR COSTS OF ELIGIBLE PROJECTS FOR  CAPI-
 TAL COSTS RELATED TO SUCH PROJECTS.
   3.  (A) THE AGENCY SHALL DEVELOP A METHOD WHEREBY HOMEOWNERS MAY APPLY
 TO THE AGENCY TO RECEIVE LOANS  UNDER  THE  PROGRAM  FOR  ELIGIBLE  HOME
 REPAIR PROJECTS. SUCH APPLICATIONS SHALL INCLUDE:
   (I)  A QUOTE FOR THE COST OF THE REPAIR, ALONG WITH THE CONTACT INFOR-
 MATION OF THE COMPANY PROVIDING THE QUOTE.
   (II) A MAILING ADDRESS.
   (III) THE MOST RECENT TAX RETURNS FOR ALL HOUSEHOLD MEMBERS LISTED  ON
 THE MORTGAGE OR WHO CONTRIBUTE TO HOUSING COSTS.
   (IV) THE BANKING AND CREDIT CARD INFORMATION FOR ALL HOUSEHOLD MEMBERS
 LISTED ON THE MORTGAGE OR WHO CONTRIBUTE TO HOUSING COSTS.
   (V) A SELECTION OF A REPAYMENT PLAN OFFERED UNDER THE PROGRAM.
   (B) THE AGENCY, AFTER REVIEW OF THE FISCAL NEEDS OF SUCH ELIGIBLE HOME
 REPAIR PROJECTS, SHALL MAKE A DETERMINATION, SUBJECT TO ANY RESTRICTIONS
 UNDER  THIS  SECTION, AS TO THE HOMEOWNERS TO BE AWARDED STATE FINANCIAL
 ASSISTANCE UNDER THIS SECTION, AND THE AMOUNT OF SUCH FINANCIAL  ASSIST-
 ANCE.  IN  MAKING  SUCH  DETERMINATIONS,  THE  AGENCY SHALL CONSIDER THE
 POTENTIAL IMPACT OF ELIGIBLE HOME REPAIR PROJECTS, AND THE NEEDS OF  THE
 AREAS  WHERE SUCH ELIGIBLE HOME REPAIR PROJECTS WOULD BE LOCATED, WITH A
 GOAL OF IMPROVING THE QUALITY OF LIFE OF  HOMEOWNERS  AND  THEIR  HOUSE-
 HOLDS.    THE  AGENCY SHALL ENSURE THAT SUCH FINANCIAL ASSISTANCE AWARDS
 ARE MADE TO HOMEOWNERS FOR ELIGIBLE HOME REPAIR PROJECTS LOCATED IN  ALL
 GEOGRAPHIC  REGIONS OF THE STATE FROM WHICH APPLICATIONS FOR SUCH FINAN-
 CIAL ASSISTANCE ARE MADE.
   (C) THE AGENCY SHALL BE AUTHORIZED TO  ALLOCATE  FUNDS  FOR  FINANCIAL
 ASSISTANCE TO OTHER HOUSING FINANCE AGENCIES IN THE STATE, AS DETERMINED
 BY THE AGENCY, TO BE USED FOR THE PURPOSES UNDER SUBDIVISION TWO OF THIS
 SECTION.
   4.  FINANCIAL  ASSISTANCE  AWARDED  UNDER  SUBDIVISION  THREE  OF THIS
 SECTION SHALL BE PROVIDED FROM THE HOME REPAIR  PROJECT  REVOLVING  LOAN
 FUND  ESTABLISHED UNDER SECTION NINETY-NINE-SS OF THE STATE FINANCE LAW.
 SUCH FINANCIAL ASSISTANCE SHALL BE AWARDED IN THE FORM OF A LOAN, WITH A
 ZERO-PERCENT INTEREST, TO BE DETERMINED ON A CASE-BY-CASE BASIS  BY  THE
 AGENCY.  SUCH LOANS MAY BE IN THE FORM DEEMED APPROPRIATE BY THE AGENCY.
 IN  DETERMINING  SUCH LOAN STRUCTURES, THE AGENCY SHALL HAVE THE GOAL OF
 COVERING ALL COSTS RELATED TO THE  OPERATION  OF  THE  PROGRAM,  WITHOUT
 SEEKING ADDITIONAL PROFITS.
   5. A HOMEOWNER AWARDED A LOAN UNDER THIS SECTION SHALL RETURN THE FULL
 AMOUNT  OF  SUCH LOAN AND ANY INTEREST DUE THEREUPON TO THE PROGRAM UPON
 COMPLETION OF THE ELIGIBLE HOME REPAIR PROJECT FOR WHICH SUCH  LOAN  WAS
 AWARDED.  A  HOMEOWNER  SHALL OBTAIN PERMANENT FINANCING FOR AN ELIGIBLE
 PROJECT FROM A SOURCE OTHER THAN THE  PROGRAM  FOR  ANY  REMAINING  DEBT
 AFTER  INITIALLY  RECEIVING A LOAN UNDER THIS SECTION. FUNDS RECEIVED BY
 THE AGENCY FROM HOMEOWNERS UNDER THIS SUBDIVISION SHALL BE  RETURNED  TO
 THE  HOME  REPAIR  PROJECT REVOLVING LOAN FUND ESTABLISHED UNDER SECTION
 NINETY-NINE-SS OF THE STATE FINANCE LAW.
   6. HOMEOWNERS SHALL BE AUTHORIZED TO PAIR ANY FUNDS RECEIVED UNDER THE
 PROGRAM WITH ANY OTHER SUBSIDIES OR FUNDING FOR RESIDENTIAL HOME  REPAIR
 PROJECTS.
   § 2. The state finance law is amended by adding a new section 99-ss to
 read as follows:
   §  99-SS.  HOME REPAIR PROJECT REVOLVING LOAN FUND. 1. THERE IS HEREBY
 ESTABLISHED IN THE JOINT  CUSTODY  OF  THE  STATE  COMPTROLLER  AND  THE
 COMMISSIONER  OF  TAXATION AND FINANCE A SPECIAL FUND TO BE KNOWN AS THE
 "HOME REPAIR PROJECT REVOLVING LOAN FUND".
 A. 5286                             3
 
   2. THE HOME REPAIR PROJECT REVOLVING LOAN FUND SHALL  CONSIST  OF  ALL
 MONIES  APPROPRIATED,  CREDITED, OR TRANSFERRED THERETO FROM THE GENERAL
 FUND OR ANY OTHER SOURCE PURSUANT TO LAW,  INCLUDING  THE  REPAYMENT  OF
 LOANS PROVIDED UNDER SECTION FIFTY-NINE-J OF THE PRIVATE HOUSING FINANCE
 LAW.
   3.  MONEYS  OF  THE ACCOUNT, WHEN ALLOCATED, SHALL BE AVAILABLE TO THE
 CHAIR OF THE NEW YORK STATE HOUSING FINANCE AGENCY TO MAKE LOANS  PURSU-
 ANT TO SECTION FIFTY-NINE-J OF THE PRIVATE HOUSING FINANCE LAW.
   § 3. The sum of two hundred million dollars ($200,000,000), or so much
 thereof  as  may be necessary, is hereby appropriated to the home repair
 project revolving loan fund as established pursuant to section 99-ss  of
 the  state  finance law from any moneys in the state treasury not other-
 wise appropriated and made immediately available to the New  York  state
 housing  finance  agency for the purposes of carrying out the provisions
 of this act. Such moneys shall be payable on the audit  and  warrant  of
 the comptroller on vouchers certified or approved by the commissioner of
 criminal justice services in the manner prescribed by law.
   §  4.  This  act shall take effect on the ninetieth 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.