Bill > A05557

This bill amends several sections of New York state law to explicitly include housing as a key policy goal and potential focus for economic development agencies. Specifically, the bill modifies the General Municipal Law and Public Authorities Law to add "housing" as a consideration when industrial development agencies evaluate and approve projects. The changes require these agencies to consider how proposed projects might contribute to the state's housing goals, including increasing housing stock and creating more options for affordable, workforce, and senior housing. The bill expands the definition of eligible "projects" to include housing facilities, and requires agencies to assess potential housing impacts when developing tax exemption policies and conducting cost-benefit analyses. By making these modifications, the legislation aims to encourage and support housing development as part of broader economic development strategies, recognizing housing as a critical component of community and economic well-being. The changes apply to various municipal and public authorities across New York state, providing a more comprehensive approach to supporting housing development through existing economic development mechanisms.

Government Affairs

https://www.nysenate.gov/legislation/bills/2025/A5557