Establishes the small rental housing development initiative to provide funding to eligible applicants to construct small rental housing developments in…

Where it stands

Passed one of the two chambers; it still needs the other.

Housing · New York State Assembly

Also referred to Housing, Construction And Community Development · New York State Senate.

Purpose, from the sponsor's memo

Section 1 of the bill amends the private housing finance taw by adding a new Article 33 that: *Provides a statement of legislative findings and purpose (new private housing finance Law section 1300); *Defines key terms (1301); and *Provides parameters for the implementation of the Small Rental Housing Development Initiative (1302), including: *applicants' eligibility for zero percent interest loans for construction of small rental hpusing; *rules regarding sate of properties during the period of affordability; * conditions of awards; and *notification processes for unsuccessful applicants. Section 2 of the bill sets the effective date. JUSTIFICATION:. The Small Rental Housing Development Initiative is a sorely needed fund- ing source to develop affordable rental housing of 20 units or less in rural communities throughout the state. The Small Rental Housing Devel- opment Initiative received $7M in annual funding in each of the FY 2022, 2023, and 2024 budgets, but the appropriation does not provide detailed parameters addressing eligibility requirements and implementation. Rural communities face an affordable housing shortage, plus they face addi- tional hurdles in developing rental projects scaled appropriately for the size of their communities. Many rural communities tack the water and sewer infrastructure needed to support larger rental housing develop- ments, the type that receive funding from a variety of sources, includ- ing federal, state, and private investment (through low income housing tax credits.) For that reason, funding sources for rural community developments are fewer, including that the Small Rental Development Initiative has disproportionately funded developments in more urban areas. SRDI was specifically created to fill an unmet need for rural communities, as it can meetthe dual needs of creating affordable housing for current resi- dents and attracting and retaining workers for employers looking to expand or relocate into rural communities. This bill therefore targets a dedicated percentage of SRDI funding to eligible projects located in towns or cities with a population of thirty thousand or less.

Filed with the bill. Read it on nysenate.gov (opens in a new tab)

Recorded votes

• Vote: Committee vote · Housing, Construction And Community Development

  Senate Housing, Construction And Community DevelopmentFeb 24, 2026Result: passed

  Voted yes (10)Voted no (1)Voted present (0)Absent (0)

  See member positions for the vote on Feb 24, 2026 (Committee vote · Housing, Construction And Community Development)

• Vote: Floor vote

  NY SenateJun 11, 2025Result: passed

  Voted yes (55)Voted no (4)Voted present (0)Absent (4)

  See member positions for the vote on Jun 11, 2025 (Floor vote)

• Vote: Committee vote · Rules

  Senate RulesJun 4, 2025Result: passed

  Voted yes (20)Voted no (0)Voted present (0)Absent (1)

  See member positions for the vote on Jun 4, 2025 (Committee vote · Rules)

• Vote: Committee vote · Housing, Construction And Community Development

  Senate Housing, Construction And Community DevelopmentMar 3, 2025Result: passed

  Voted yes (10)Voted no (1)Voted present (0)Absent (0)

  See member positions for the vote on Mar 3, 2025 (Committee vote · Housing, Construction And Community Development)

Full history

1. Feb 25, 2026

   Reported out of committee

   REPORTED AND COMMITTED TO FINANCE

   NY Senate

2. Jan 9, 2026

   Amend and Recommit to Housing, Construction and Community Development

   AMEND AND RECOMMIT TO HOUSING, CONSTRUCTION AND COMMUNITY DEVELOPMENT

   NY Senate

3. Jan 7, 2026

   Died in Assembly

   DIED IN ASSEMBLY

   NY Assembly

4. Jan 7, 2026

   Referred to committee

   REFERRED TO HOUSING

   NY Assembly

5. Jan 7, 2026

   Referred to committee

   REFERRED TO HOUSING, CONSTRUCTION AND COMMUNITY DEVELOPMENT

   NY Senate

About this record

Summary

The summary comes from NY Open Legislation, the New York State Senate's public record. For more, see How we handle summaries.

Cosponsors

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Party colors

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Source

From NY Open Legislation, the NY Senate and Assembly, and official rosters. This record was last updated Oct 29, 2026. About our data

Read the record

• Read on NY Senate (opens in a new tab) The official record on nysenate.gov.