New YorkA 85892025-2026 Regular SessionHouseWALLET

Increases the amount of funds that may be used per dwelling unit to modernize certain authorities used by the housing trust fund corporation

Sponsored By: Larinda Hooks (Democratic)

Became Law

HOUSINGWAYS AND MEANSRULES

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Bill Overview

Analyzed Economic Effects

1 provisions identified: 1 benefits, 0 costs, 0 mixed.

More funding per low-income housing unit

The law raises the Housing Trust Fund per-unit cap from $125,000 to $250,000. The corporation can approve more per unit when local costs, location, or affordability needs justify it. Money can be grants, loans, or payments to build, fix, or convert homes for low-income people. Private developers must still invest the greater of 2.5% of total costs or 5% of costs minus grants, and funds follow existing limits (no more than 50% for acquisition and 10% for community facilities). This change is now in effect.

Sponsors & Cosponsors

Sponsor

Larinda Hooks
Democratic • House

Cosponsors

There are no cosponsors for this bill.

Roll Call Votes

All Roll Calls

Yes: 57 • No: 1

House vote • 6/10/2025

FLOOR Vote