Bill > S00256

This bill seeks to explicitly incorporate housing development as a key policy goal for New York State's industrial development agencies (IDAs). Specifically, the legislation amends several sections of the General Municipal Law and Public Authorities Law to include housing as a consideration in project development, tax exemption policies, and overall economic development strategies. The bill broadens the definition of "project" to include housing facilities and requires agencies to consider the extent to which projects will bring additional housing units to the market, with a particular focus on increasing housing options for affordable, workforce, and senior populations. The amendments mandate that when evaluating potential projects, IDAs must now assess the project's contribution to the state's housing goals, similar to how they currently evaluate job creation, economic impact, and renewable energy targets. By making these changes, the bill aims to support New York's efforts to address housing challenges by leveraging existing economic development mechanisms, encouraging the creation of more diverse and accessible housing options across the state. The modifications are designed to make housing development a more explicit and important consideration in the state's economic development planning and implementation.

Budget and Finance, Government Affairs

https://www.nysenate.gov/legislation/bills/2025/S256