(a) Finance the acquisition of distressed hotels and commercial office
properties by appropriate nonprofit organizations for the purpose of
stabilizing communities and the housing market;
(b) Finance the conversion and rehabilitation of the physical
condition of acquired property by appropriate nonprofit organizations in
order to improve the condition of such property for future occupants,
such as habitability and environmental sustainability; and
(c) Provide an appropriate, expedient and efficient manner for owners
of such distressed properties to transfer ownership to an appropriate
nonprofit organization so as to promote the state's interest in the
conversion of such properties to new supportive and affordable permanent
housing units.
3. Powers. The state may finance the purchase, acquisition, conversion
and/or holding by appropriate nonprofit organizations of distressed
hotel or commercial office properties in any part of the state for the
purpose of maintaining or increasing the stock of affordable, stable,
quality housing; provided that in the case of a property at which any
hotel workers are represented by a collective bargaining representative,
prior to the proposed acquisition, the collective bargaining
representative shall be notified in writing of the proposed acquisition,
and the property owner shall certify prior to the state initiating such
acquisition through financing that the collective bargaining
representative has mutually agreed in a separate writing with the
property owner to take the specific acquisition described in the written
notice.
4. Converted properties. All properties converted to affordable
housing pursuant to this section shall meet the minimum standards of
habitability, safety and quality of life for all established housing.
Additional operating expenses shall be met through any combination of
subsidies, vouchers, commercial rents, or other sources of income
available to the housing provider under the model the non-profit chooses
to pursue. All units shall be rent stabilized as defined in this article
in localities that have adopted or opted in to the rent stabilization
law. At least fifty percent of all converted units shall be set aside
for individuals and families who were experiencing homelessness
immediately prior to entering such converted affordable housing. Each
unit must contain, at a minimum, a living/sleeping space, private
bathroom with bath or shower, and either a full kitchen or a kitchenette
with at least a 7-cubic feet capacity refrigerator, sink, cooktop,
microwave oven and outlets for countertop appliances.
5. Restrictions. The state shall not, in any case, facilitate the sale
or transfer of property unless the state has entered into an agreement
with the appropriate nonprofit organization to ensure that any actions
necessary to bring the property into compliance with applicable
building, safety, health and habitability codes and requirements will be
taken before such property is occupied.
6. Tenant protections. Tenants residing in properties converted to
affordable housing pursuant to this section shall have full tenancy
rights, including all the tenant protections pursuant to rent
stabilization as defined in this article in localities that have adopted
or opted in to the rent stabilization laws. Tenancy in such affordable
housing shall not be restricted on the basis of sexual identity or
orientation, gender identity or expression, conviction or arrest record,
credit history, credit score, or immigration status.