Bill > S00248

This bill amends the economic development law to define "community significant projects" as businesses located in public housing developments that create or retain jobs, with a particular focus on employing or training current public housing residents. A community significant project must be located in an existing leased space within a public housing authority-owned building, make substantial capital investments to start or improve a business, and create at least five new net jobs or retain existing jobs. The bill expands the Excelsior Jobs Program to include these community significant projects, allowing them to be eligible for program benefits. The commissioner of economic development is tasked with creating regulations to determine additional criteria for qualifying businesses, with an emphasis on supporting businesses that provide childcare, workforce support, and essential services to public housing residents. Importantly, the bill ensures that existing services and programs in public housing are not displaced when new businesses are introduced. The changes will take effect for taxable years beginning on or after January 1, 2026, providing a framework to encourage economic development and job creation within public housing communities.

Business and Industry

https://www.nysenate.gov/legislation/bills/2025/S248