Bill > S05226

This bill amends the general business law to establish clear standards for advertising deeply affordable housing, defining such housing as units affordable to very low-income families, as specified by federal regulations (24 CFR 5.603). It makes it illegal to falsely advertise a housing unit as "deeply affordable" if it doesn't meet this definition, classifying such misrepresentation as false advertising. For developments that include both deeply affordable and market-rate units, advertisements must clearly state either the percentage of deeply affordable units or the specific number of deeply affordable units alongside the number of market-rate units. Furthermore, municipal and state governments must follow these same advertising rules when providing information about deeply affordable housing. Importantly, this section clarifies that these advertising rules do not alter eligibility for other affordability programs with different definitions, but any advertisement related to those programs must still comply with these new standards. The bill will become effective 180 days after it becomes law.