A Local Law to amend the administrative code of the city of New York, in relation to the citywide percentage of rental units in projects receiving city financial assistance that must be affordable for extremely low-income and very low-income households

Summary

This bill would require that a minimum percentage of rental housing financed by the City are affordable to households with the least means to afford housing. Of the new affordable housing financed by the Department of Housing and Preservation Development, known as HPD, 50% would have to be affordable to extremely and very low-income households, with at least 30% of the total affordable to extremely low-income households. The bill includes several separate exemptions to these minimum percentages, based on either their programmatic requirements, site constraints, or their stage in the pre-development process. Although the bill would go into effect immediately, the requirements would not apply until July 1, 2027, so that affordable housing projects currently seeking financing can proceed with their applications. The legislation would also include an ability for HPD to suspend the targets if federal resources relied on to finance affordable housing are significantly decreased.

Official summary of legislation · NYC Council