Housing Our Neighbors With Dignity Act Gets Greenlight from State Lawmakers

Although Governor Cuomo has yet to commit to signing the bill, the state Legislature passed the Housing Our Neighbors With Dignity Act on Wednesday, June 9, 2021 “to give New York State as framework for its $100 million plan to buy distressed hotels and office properties and convert them into permanent affordable housing.” Under the provisions of the bill, at “least 50% of the converted properties would be set aside for those experiencing homelessness; the rest would go to tenants who make 50% to 80% of their area median income. The properties would be managed by nonprofit organizations and would be protected by rent-stabilizations laws. Rents would be capped at 30% of area median income.”

Source:    https://www.crainsnewyork.com/residential-real-estate/lawmakers-pass-plan-convert-hotels-and-offices-affordable-housing