A 7470: Includes mixed residential and commercial property within the provisions of the affordable home ownership development program thus authorizing the affordable housing corporation to fund the construction or rehabilitation of housing that also contains a commercial retailing business.

  
  STATE OF NEW YORK ________________________________________________________________________ 7470 2025-2026 Regular Sessions  IN ASSEMBLY March 28, 2025 ___________ Introduced by M. of A. NOVAKHOV, FITZPATRICK, MANKTELOW, NORBER, TAGUE, BROOK-KRASNY -- read once and referred to the Committee on Housing AN ACT to amend the private housing finance law, in relation to includ- ing mixed residential and commercial property within the provisions of the affordable home ownership development program The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Subdivision 1 of section 1111 of the private housing 2 finance law, as added by chapter 67 of the laws of 1985, is amended to 3 read as follows: 4 1. "Home" shall mean a one to four family dwelling which has at least 5 one owner occupant [or], an owner occupied unit in a cooperative or a 6 condominium or a one to four family dwelling which has at least one 7 owner occupant and contains an area which may be utilized for a commer- 8 cial retailing business provided that the portion of the payment, grant 9 or loan financed by the corporation for such commercial facility shall 10 not exceed twenty-five percent of the total payment, grant or loan. 11 § 2. Subdivision 6 of section 1111 of the private housing finance 12 law, as amended by chapter 898 of the laws of 1986, is amended to read 13 as follows: 14 6. "Rehabilitation" or "home improvement" shall mean all work neces- 15 sary to bring a structure into compliance with all applicable laws and 16 regulations including but not limited to the installation, replacement 17 or repair of heating, plumbing, electrical and related systems and the 18 elimination of all hazardous and immediately hazardous violations in the 19 structure in accordance with state and local laws and regulations of 20 state and local agencies. Rehabilitation or home improvement may also 21 include reconstruction or work to improve the habitability or prolong 22 the useful life of residential property or mixed residential and commer- 23 cial property. 24 § 3. This act shall take effect immediately. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD04357-01-5