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NYDFS issues guidance insurers regarding discrimination in affordable housing market

July 2, 2024

Via: JD Supra

On June 24, Gov. Kathy Hochul announced guidance issued by NYDFS in Circular Letter No. 6 (2024) informing insurers and related parties that, under the new Insurance Law § 3462, making coverage decisions based on a property’s status as an affordable housing development or on the amount or source of a tenant’s income will be prohibited. According to the Circular Letter, the recently enacted law came in response to a “hardening” insurance market that has resulted in increased premiums and reduced coverage options for affordable housing developments.

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