Bill > A03410

This bill amends the Private Housing Finance Law to allow the city of New York to enter into a partnership with labor unions representing city employees to finance the construction of affordable housing units exclusively occupied by these city employees. The units must be occupied by at least one city employee whose combined household income is less than 125% of the area median income, and the lease or rental agreement cannot be extended if the occupancy criteria are no longer met. The bill provides a legal framework for this arrangement between the city and labor unions to facilitate the development of affordable housing for their members.