Creates an affordable housing relief fund program to preserve affordable multifamily residential properties located in New York state

This bill creates a state-funded program to preserve existing affordable multifamily housing in New York. It provides forgivable loans (zero interest, no payments for 10 years) of up to $50,000 per income-restricted unit to property owners with regulatory agreements ensuring 100% affordability. The loans help cover costs like deferred maintenance, emergency repairs, or debt restructuring to prevent properties from becoming unaffordable or vacant. Property owners must maintain affordability terms, and repayment may be required if the property is sold within 10 years or if affordability rules are violated. The program targets properties in financial distress that cannot access other preservation funding.