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Bill

A 1729

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

2025 Regular Session Introduced by Linda Rosenthal

Creates an Affordable Housing Relief Fund to preserve affordable multifamily housing in New York, helping owners and tenants maintain affordable units and stabilize rents.

REFERRED TO HOUSING
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WeVote Research Nonpartisan
Bill Summary · A 1729

Summary of New York Bill A 1729

Basic Information

  • Bill Number: A 1729
  • Title: Creates an affordable housing relief fund program to preserve affordable multifamily residential properties located in New York state
  • Status: Referred to Housing
  • Introduced: January 14, 2025
  • Classification: bill
  • Primary Sponsor: Linda Rosenthal
  • Related/Companion Bills:
    • A 10293 (prior-session)
    • S 3219 (companion) (listed twice)

Purpose and Intent

  • The bill proposes the creation of an Affordable Housing Relief FundProgram designed to preserve affordable multifamily residential properties within New York State.
  • The overarching goal, implied by the title, is to maintain or protect the affordability of housing units in multifamily properties, potentially addressing displacement pressures and market-driven affordability challenges.

Key Provisions (What the bill would do)

  • The bill would establish a dedicated relief fund program to support preservation of affordable multifamily housing.
  • Specific program details (eligibility criteria, funding levels, administration, application processes, terms of assistance, oversight, reporting requirements, etc.) are not provided in the available summary. The exact design and operational provisions would be contained in the full bill text.

Note: The provided information does not include the bill’s text, so precise provisions, funding mechanisms, and implementation steps are not known here. Reading the actual bill would be necessary to identify all programmatic features.

Affected Parties and Impacts

  • Primary beneficiaries/affected groups:
    • Owners and operators of affordable multifamily properties in New York State.
    • Tenants residing in those preserved affordable units.
  • Potential broader effects:
    • Could influence housing affordability, stabilization of rental housing, and preservation of existing income-restricted housing stock.
    • Potential state budget implications depending on funding level and financing mechanisms (not specified in the summary).

Procedural and Timeline Highlights

  • Introductory status: Introduced January 14, 2025.
  • Committee action: Referred to the Housing Committee on January 14, 2025 (record shows this action; no subsequent actions are listed in the provided data).
  • The presence of related bills (A 10293, S 3219) suggests cross-chamber consideration or alignment with companion legislation; however, the current status of those related bills is not detailed here.

Next Steps for Interested Readers

  • Review the full text of A 1729 to understand:
    • Detailed eligibility rules for the relief fund
    • Funding sources, grant/loan terms, duration, and repayment
    • Administration (which agency or authority runs the program)
    • Application procedures, prioritization criteria, and reporting requirements
  • Monitor subsequent legislative actions for amendments, fiscal notes, and potential passage or modifications.
  • Compare with its companion/senate counterpart (S 3219) and prior-session A 10293 for alignment and differences.

Compiled from official sources — confirm details with the bill’s official record.

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