Governor Andrew M. Cuomo today announced proposed Slumlord Prevention Guidelines (SPG) for bank lending to help protect tenants, strengthen communities, and promote sustainable, long-term investments in rental housing. The guidelines include new Community Reinvestment Act (CRA) regulations from the Department of Financial Services (DFS) that incentivize banks to lend to landlords who are committed to the long-term health of a community – instead of quick-buck artist slumlords who let buildings fall into disrepair.
“Safe and affordable rental housing is vital to the strength of local neighborhoods, and state government is doing its part to meet that need by supporting landlords who provide good housing options,” said Governor Cuomo. “These guidelines will help ensure that banks are making sound loans to individuals who have taken a vested interest in their community, instead of those who seek only to drain community resources.”
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