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Bill

S 2707

FEED Act of 2025

119th Congress Introduced by Cory Booker and 1 co-sponsor

Bill S 2707 requires a unified application and web portal for housing funding, simplifying access for developers and organizations to loans, grants, and tax credits.

Introduced in Senate
0
WeVote Research Nonpartisan
Bill Summary · S 2707

Summary of Bill S 2707

Bill Overview

  • Bill Number: S 2707
  • Title: Requires DHCR to develop a common application and web portal for certain funding, tax credits, loans, and grants for housing development
  • Status: Referred to Housing
  • Introduced On: January 22, 2025
  • Classification: Bill

Purpose and Intent

The primary purpose of Bill S 2707 is to streamline the process for accessing various forms of financial assistance related to housing development. By mandating the New York State Division of Housing and Community Renewal (DHCR) to create a unified application and web portal, the bill aims to simplify the application process for funding, tax credits, loans, and grants. This initiative is designed to enhance efficiency, reduce administrative burdens, and improve accessibility for developers and organizations involved in housing projects.

Key Provisions

  • Common Application Development: The bill requires the DHCR to develop a standardized application form that can be used for multiple funding sources, including:

    • Grants
    • Loans
    • Tax credits

  • Web Portal Creation: A centralized web portal will be established to facilitate the submission of applications and provide information about available funding opportunities.

  • User-Friendly Interface: The portal is expected to be designed with user experience in mind, making it easier for applicants to navigate and access necessary resources.

Impact

  • Who Will Be Affected:

    • Housing Developers: The bill will primarily benefit developers seeking financial assistance for housing projects, making it easier to apply for multiple funding sources through a single platform.
    • Community Organizations: Non-profits and community organizations involved in housing development will also find the process more accessible.
    • State Agencies: The DHCR and other related state agencies will experience a more streamlined process for managing applications and distributing funds.

  • Potential Benefits:

    • Increased efficiency in the application process may lead to faster project approvals and funding disbursements.
    • Improved access to financial resources could stimulate housing development, particularly in underserved areas.

Legislative Timeline

  • January 22, 2025: Bill introduced and referred to the Housing, Construction and Community Development Committee.
  • June 10, 2025:
    • Committee discharged and committed to rules.
    • Ordered to third reading (Calendar 1734).
    • Passed the Senate.
    • Delivered to the Assembly and referred to Housing.

Related Legislation

  • S 7869: A related bill from the prior legislative session, which may provide context or additional provisions relevant to housing funding and development.

This summary encapsulates the essential aspects of Bill S 2707, highlighting its purpose, key provisions, and potential impact on housing development in New York State.

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

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