S T A T E O F N E W Y O R K
________________________________________________________________________
8591
I N S E N A T E
February 20, 2024
___________
Introduced by Sen. RYAN -- 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 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
S. 8591 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.