This bill establishes a pilot program to provide funding to small landlords who have been vetted by the Division of Housing and Community Renewal (DHCR)to make improvements to their rental properties. The small landlords are subject to requirements and conditions set by DHCR and DHCR will establish eligibility requirements. Small landlords who receive funding must keep their rents at a reasonable rate for at least ten years. Bringing up to 4,000 homes up to code and to the market would go a long way toward addressing the housing crisis in Upstate New York. In addition to improving property values for landlords and improving housing quality for tenants, this would also be a long-term benefit to municipalities in the form of increased property taxes. Improving the quality of the housing stock will make regions more desirable to live in. Landlords selected to receive grant money would be required to keep their rents at an affordable rate as determined by DHCR. This is crucial to ensure that rents do not rise dramatically.
(Bill number pending in Assembly)/S.8940 – Establishes the shovel-ready housing program
This bill aims to make the process easier and more attainable by allowing municipalities to pre-authorize parcels of property for construction that fit the needs of their community such as small starter homes, three-bedroom apartments for families, or condos for seniors. To qualify, a municipality would have to apply and be certified by the Division of Housing and Community Renewal into a “Shovel Ready Housing Program”.
Recent Comments