NY State Senate Bill 2025-S9117

Current Bill Status - In Senate Committee Housing, Construction And Community Development 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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Date of Action	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Feb 04, 2026	referred to housing, construction and community development

2025-S9117 (ACTIVE) - Details

Current Committee:: Senate Housing, Construction And Community Development
Law Section:: Private Housing Finance Law
Laws Affected:: Add §43-a, Priv Hous Fin L

2025-S9117 (ACTIVE) - Summary

Establishes the small homeowner rehabilitation revolving loan program administered by the New York state housing finance agency consisting of moneys appropriated by the legislature, repayments of principal and interest on loans made from the program, interest earnings, private or philanthropic contributions, and any other moneys made available for its purposes; authorizes the New York state housing finance agency to make low-interest loans, deferred payment loans, or forgivable loans, or a combination thereof, to eligible small homeowners for eligible rehabilitation and repair projects; provides for eligibility requirements and tenant protections.

2025-S9117 (ACTIVE) - Sponsor Memo

                                 
BILL NUMBER: S9117

SPONSOR: COMRIE
 
TITLE OF BILL:

An act to amend the private housing finance law, in relation to estab-
lishing a small homeowner rehabilitation revolving loan program adminis-
tered by the New York state housing finance agency

 
PURPOSE OR GENERAL IDEA OF BILL:

Creates the Small Homeowner Rehabilitation Revolving Loan Program within
the New York State Housing Finance Agency (HFA). The program is designed
to provide financial assistance to small property owners facing demon-
strated financial hardship and owning residential properties of ten
units or fewer for necessary rehabilitation and repair projects

 
SUMMARY OF PROVISIONS:

Section 1 establishes a revolving loan program within the HFA that
defines eligibility, provides low interest, deferred, or forgivable
loans to financially distressed small homeowners for necessary rehabili-

tation while protecting tenants, prioritizing vulnerable properties, and
requiring annual reporting and audit oversight.

Section 2: The act takes effect immediately, and the administering agen-
cy may promulgate any necessary rules or regulations prior to the effec-
tive date.

 
JUSTIFICATION:

Small property owners who own buildings of 10 units or fewer play an
essential role in providing affordable housing across New York City.
Yet they are facing mounting financial and regulatory pressures that
threaten both the viability of their properties and the stability of the
housing stock.

Research indicates that mom-and-pop landlords control a significant
share of NYC's rental housing, with estimates suggesting that owners of
buildings with 1-10 units make up roughly 30%-50% of the city's rental
market. These smaller owners often lack the financial reserves and
organizational capacity of large corporate landlords and are dispropor-
tionately affected by rising costs, slow rent growth, and market vola-
tility.

Operating costs for rent-regulated buildings - a large portion of small
landlords' portfolios have escalated rapidly. According to data on regu-
lated properties, insurance premiums for multifamily buildings have
jumped as much as 150% since 2019, outpacing revenue growth and squeez-
ing maintenance budgets. Simultaneously, property taxes, labor, fuel,
and other operating expenses have grown faster than revenues can keep up
with - contributing to an estimated 17% gap between income and expenses
for many smaller owners.

These financial pressures are compounded by regulatory constraints that
limit landlords' ability to raise rents to match inflation or recover
costs after improvements. The 2019 Housing Stability and Tenant
Protection Act and subsequent tenant protection policies have removed
key tools for cost recovery, creating economic disincentives for neces-
sary rehabilitation work and, in some cases, prompting owners to defer
maintenance. As a result, many small landlords postpone critical
repairs, worsening building conditions and elevating safety hazards over
time.

The market distress also manifests in serious liquidity challenges. In
the affordable housing sector alone, landlords are owed roughly $130
million in unpaid back rent, with tens of thousands of tenants behind on
payments. This represents a burden that directly jeopardizes owners'
ability to meet mortgage, tax, and maintenance obligations.

Moreover, foreclosure risk is rising. Thousands of rent-stabilized
apartments and their buildings have increasingly been flagged for mort-
gage default or foreclosure as owners struggle under negative cash flow,
threatening to shrink the city's limited affordable housing stock.

At the same time, the city's housing court system is overwhelmed, with
over 150,000 new cases annually, leaving small owners waiting months or
years to recover unpaid rent or resolve disputes, often exacerbating
financial distress and compounding their inability to keep up with
repairs and code compliance.

These combined pressures of rapidly rising operating costs, regulatory
constraints on rent increases, mounting repair backlogs, foreclosure
risk, and slow legal remedies illustrate why small homeowners urgently
need targeted financial support to sustain their properties, safeguard
tenants, and preserve housing quality. The Small Homeowner Rehabili-
tation Revolving Loan Program will provide affordable, flexible financ-
ing to make essential rehabilitation and repair projects feasible,
protecting both vulnerable landlords and the renters who depend on this
crucial segment of New York City's housing supply.

 
LEGISLATIVE HISTORY:

This is a new bill.

 
FISCAL IMPACT:

TBD.

 
EFFECTIVE DATE:
This act shall take effect immediately; provided, however, that the
administering agency is authorized to promulgate any rules or regu-
lations necessary to implement the provisions of this act on or before
such effective date.

2025-S9117 (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   9117
 
                             I N  S E N A T E
 
                             February 4, 2026
                                ___________
 
 Introduced  by  Sen.  COMRIE -- 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 estab-
   lishing a small homeowner rehabilitation revolving loan program admin-
   istered by the New York state housing finance agency

   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 43-a to read as follows:
   § 43-A. SMALL HOMEOWNER REHABILITATION REVOLVING LOAN PROGRAM. 1.  FOR
 THE PURPOSES OF THIS SECTION, THE FOLLOWING TERMS SHALL HAVE THE FOLLOW-
 ING MEANINGS:
   (A)  "SMALL  HOMEOWNER"  MEANS A NATURAL PERSON, FAMILY TRUST, ESTATE,
 LIMITED LIABILITY COMPANY, OR CLOSELY HELD CORPORATION THAT OWNS ONE  OR
 MORE  MULTIPLE  DWELLINGS  CONTAINING TEN DWELLING UNITS OR FEWER WITHIN
 THE STATE OF NEW YORK.
   (B) "ELIGIBLE PROPERTY" MEANS A RESIDENTIAL MULTIPLE DWELLING CONTAIN-
 ING TEN DWELLING UNITS OR  FEWER,  INCLUDING  MIXED-USE  BUILDINGS  WITH
 RESIDENTIAL UNITS ABOVE GROUND-FLOOR COMMERCIAL SPACE, PROVIDED THAT THE
 RESIDENTIAL UNITS CONSTITUTE THE PRIMARY USE.
   (C)  "ELIGIBLE  REHABILITATION  AND  REPAIR"  MEANS  WORK NECESSARY TO
 CORRECT BUILDING CODE VIOLATIONS; ADDRESS  HEALTH  AND  SAFETY  HAZARDS;
 REPAIR  OR  REPLACE BUILDING SYSTEMS INCLUDING ROOFS, BOILERS, PLUMBING,
 ELECTRICAL, ELEVATORS, AND FACADES; REMEDIATE MOLD, LEAD,  ASBESTOS,  OR
 OTHER  ENVIRONMENTAL  HAZARDS;  PERFORM  ENERGY EFFICIENCY OR RESILIENCY
 IMPROVEMENTS; AND UNDERTAKE OTHER CAPITAL REPAIRS NECESSARY TO  MAINTAIN
 HABITABILITY AND REGULATORY COMPLIANCE.
   (D)  "ADMINISTERING  AGENCY"  MEANS THE NEW YORK STATE HOUSING FINANCE
 AGENCY, WHICH SHALL  HAVE  FULL  AUTHORITY  TO  ADMINISTER  THE  PROGRAM
 CREATED  UNDER  THIS  SECTION,  AND  MAY CONSULT WITH THE NEW YORK STATE
 HOMES AND COMMUNITY RENEWAL OR OTHER PUBLIC OR  NONPROFIT  PARTNERS  FOR
 TECHNICAL ASSISTANCE, UNDERWRITING, AND COMPLIANCE PURPOSES.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD14756-01-6

 S. 9117                             2
 
   (E)  "PROGRAM" MEANS THE SMALL HOMEOWNER REHABILITATION REVOLVING LOAN
 PROGRAM ESTABLISHED UNDER THIS SECTION.
   2.  (A)  THERE IS HEREBY ESTABLISHED WITHIN THE NEW YORK STATE HOUSING
 FINANCE AGENCY A PROGRAM TO BE KNOWN AS THE  SMALL  HOMEOWNER  REHABILI-
 TATION REVOLVING LOAN PROGRAM.
   (B)  THE  PROGRAM SHALL CONSIST OF MONEYS APPROPRIATED BY THE LEGISLA-
 TURE, REPAYMENTS OF PRINCIPAL  AND  INTEREST  ON  LOANS  MADE  FROM  THE
 PROGRAM,  INTEREST EARNINGS, PRIVATE OR PHILANTHROPIC CONTRIBUTIONS, AND
 ANY OTHER MONEYS MADE AVAILABLE FOR ITS PURPOSES.
   (C) MONEYS IN THE PROGRAM SHALL BE CONTINUOUSLY  AVAILABLE  AND  SHALL
 NOT LAPSE.
   3.  (A)  THE  ADMINISTERING  AGENCY IS AUTHORIZED TO MAKE LOW-INTEREST
 LOANS, DEFERRED PAYMENT LOANS, OR FORGIVABLE  LOANS,  OR  A  COMBINATION
 THEREOF,  TO  ELIGIBLE  SMALL HOMEOWNERS FOR ELIGIBLE REHABILITATION AND
 REPAIR PROJECTS.
   (B) LOAN TERMS MAY INCLUDE BELOW-MARKET INTEREST RATES, EXTENDED AMOR-
 TIZATION PERIODS, INTEREST-ONLY OR DEFERRED PAYMENT PERIODS, AND TECHNI-
 CAL ASSISTANCE AS DETERMINED BY THE ADMINISTERING AGENCY.
   (C) LOANS SHALL BE SECURED BY A MORTGAGE, NOTE, OR  OTHER  APPROPRIATE
 SECURITY  INTEREST,  EXCEPT WHERE FORGIVABLE LOAN STRUCTURES ARE AUTHOR-
 IZED BY PROGRAM GUIDELINES.
   (D) ADMINISTRATIVE, OUTREACH, AND  MARKETING  EXPENDITURES,  INCLUDING
 PROGRAM  MATERIALS,  COMMUNITY-BASED  OUTREACH,  AND APPLICANT TECHNICAL
 ASSISTANCE, SHALL NOT EXCEED ONE PERCENT OF THE TOTAL  ANNUAL  APPROPRI-
 ATION  FOR  THE PROGRAM AND SHALL NOT INCLUDE GENERAL AGENCY OVERHEAD OR
 UNRELATED PERSONNEL COSTS.
   4. (A) TO BE ELIGIBLE FOR ASSISTANCE, A SMALL HOMEOWNER SHALL:
   (I) DEMONSTRATE FINANCIAL NEED AND AN INABILITY TO  OBTAIN  COMPARABLE
 PRIVATE FINANCING ON REASONABLE TERMS;
   (II)  DEMONSTRATE AN INABILITY TO OBTAIN RENTAL INCOME FOR A PERIOD OF
 SIX MONTHS OR MORE FOR ONE OR MORE DWELLING UNITS  WITHIN  THE  ELIGIBLE
 PROPERTY DUE TO VACANCY CAUSED BY NECESSARY REPAIRS, RENT ARREARS, HOUS-
 ING  COURT PROCEEDINGS, EMERGENCY REPAIR CONDITIONS, OR OTHER DOCUMENTED
 FINANCIAL HARDSHIP;
   (III) CERTIFY THAT THE ELIGIBLE PROPERTY WILL BE MAINTAINED  AS  RESI-
 DENTIAL HOUSING FOR THE DURATION OF THE LOAN TERM;
   (IV)  BE  CURRENT  ON  STATE AND LOCAL TAXES OR ENTER INTO AN APPROVED
 REPAYMENT AGREEMENT; AND
   (V) AGREE TO COMPLY WITH ALL APPLICABLE HOUSING MAINTENANCE, BUILDING,
 AND FIRE CODES.
   (B) AS A CONDITION OF RECEIVING ASSISTANCE:
   (I) NO TENANT SHALL BE DISPLACED AS A RESULT OF REHABILITATION  ACTIV-
 ITIES  EXCEPT  TEMPORARILY  FOR  HEALTH  AND  SAFETY,  WITH THE RIGHT TO
 RETURN;
   (II) RENT-STABILIZED UNITS SHALL REMAIN RENT-STABILIZED;
   (III) RENT INCREASES, IF ANY, SHALL  BE  LIMITED  IN  ACCORDANCE  WITH
 PROGRAM GUIDELINES AND APPLICABLE LAW; AND
   (IV)  THE ADMINISTERING AGENCY MAY REQUIRE AFFORDABILITY COVENANTS FOR
 A DEFINED PERIOD COMMENSURATE WITH THE AMOUNT AND TERMS OF ASSISTANCE.
   5. IN AWARDING ASSISTANCE, THE ADMINISTERING AGENCY SHALL PRIORITIZE:
   (A) SMALL HOMEOWNERS EXPERIENCING FINANCIAL  DISTRESS  THAT  THREATENS
 THE  VIABILITY  OF  THEIR  PROPERTY  OR THEIR ABILITY TO MAINTAIN RENTAL
 UNITS;
   (B) PROPERTIES WITH OUTSTANDING  HAZARDOUS  OR  IMMEDIATELY  HAZARDOUS
 VIOLATIONS;
   (C) BUILDINGS HOUSING LOW- AND MODERATE-INCOME TENANTS;
 S. 9117                             3
 
   (D) OWNER-OCCUPIED PROPERTIES;
   (E) PROPERTIES AT RISK OF FORECLOSURE OR PHYSICAL DISTRESS;
   (F) PROJECTS THAT LEVERAGE ADDITIONAL PUBLIC OR PRIVATE FINANCING; AND
   (G)  ENVIRONMENTAL  JUSTICE  COMMUNITIES  AND HISTORICALLY UNDERSERVED
 AREAS.
   6. (A) THE ADMINISTERING AGENCY SHALL SUBMIT AN ANNUAL REPORT  TO  THE
 GOVERNOR,  THE TEMPORARY PRESIDENT OF THE SENATE, AND THE SPEAKER OF THE
 ASSEMBLY DETAILING PROGRAM ACTIVITY, INCLUDING  NUMBER  OF  LOANS  MADE,
 GEOGRAPHIC  DISTRIBUTION,  TYPES  OF REPAIRS FUNDED, DEMOGRAPHIC DATA TO
 THE EXTENT PERMITTED BY LAW, REPAYMENT PERFORMANCE, AND FUND BALANCE.
   (B) THE PROGRAM AND ITS ADMINISTRATION SHALL BE SUBJECT  TO  AUDIT  BY
 THE STATE COMPTROLLER.
   7. SEVERABILITY. IF ANY PROVISION OF THIS ACT OR ITS APPLICATION SHALL
 BE ADJUDGED INVALID, SUCH JUDGMENT SHALL NOT AFFECT OR IMPAIR THE VALID-
 ITY OF THE REMAINDER OF THE ACT.
   §  2.  This act shall take effect immediately; provided, however, that
 the administering agency is authorized to promulgate any rules or  regu-
 lations  necessary  to implement the provisions of this act on or before
 such effective date.

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Senate Bill S9117

Sponsored By

Current Bill Status - In Senate Committee Housing, Construction And Community Development Committee

Actions

2025-S9117 (ACTIVE) - Details

2025-S9117 (ACTIVE) - Summary

2025-S9117 (ACTIVE) - Sponsor Memo

2025-S9117 (ACTIVE) - Bill Text download pdf

Comments

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Sponsored By

Leroy Comrie

Current Bill Status - In Senate Committee Housing, Construction And Community Development Committee

Actions

2025-S9117 (ACTIVE) - Details

2025-S9117 (ACTIVE) - Summary

2025-S9117 (ACTIVE) - Sponsor Memo

2025-S9117 (ACTIVE) - Bill Text download pdf

Comments