Establishes the small rental housing development initiative to provide funding to eligible applicants to construct small rental housing developments in eligible areas.
Relates to the purchase of community land mortgages; defines a community land mortgage as a mortgage that is secured by a first lien on a leasehold estate in real property that is improved by a residential structure wherein title to the real property is retained by a not-for-profit housing company or housing development fund company; authorizes the state of New York mortgage agency to purchase community land mortgages from banks within the state; ensures not-for-profit housing remains as affordable housing.
Extends provisions relating to affordable housing development loans to all municipalities of the state of New York; assists private sector in development of residential housing.
Establishes a system of community improvement grants to be administered by and through neighborhood citizens' participation committees; makes definitions; directs commissioner of the New York state division for housing and community renewal to create the community improvement grant program; provides that municipalities receiving such grants establish citizens' participation committees.
Creates a veteran's home and land ownership loan program to provide loans to veterans to purchase homes or unimproved land suitable for building; requires such loans to be secured by a second mortgage.
Directs the commissioner of housing and community renewal to create and maintain a database of vacant residential housing units, and to create an affordable housing development program; imposes a tax on vacant residential housing units; creates an affordable housing development program fund.
Provides that in cities with a population of one million or more, a tenant or group of tenants, after proper notice to the landlord of the existence of a hazardous violation of housing codes and certification of the existence of such violation by the local agency charged with enforcement of housing codes, may contract for the repair of such condition and offset the price of such repair from his rental payments if the landlord fails to commence work to correct the condition within a certain period after notice is received.
Provides that, for purposes of veterans seeking to qualify for public housing, "probable aggregate annual income" shall not include disability benefits paid by federal government to veterans for service-connected disabilities; provides that such disability benefits shall not be included in computing any surcharge against such veterans.
Requires that the board of directors or board of managers of a converted cooperative or condominium, as the case may be, must be comprised of a majority of members elected by shareholders or owners in occupancy so that control of the converted cooperative or condominium is turned over to the unit owners as soon as possible; applies only to plans of 20 or more units.
Enacts the "fairness in cooperative homeownership act"; regulates the submission and determinations of applications for ownership of cooperative apartments.