Bill > S05344

This bill amends the New York General Business Law by modifying the definition of "construction contract" in section 756. Specifically, the bill removes language referring to residential projects with fewer than 75 units receiving financial assistance that are designed for households earning an average of 125% of the area median income. Instead, the bill adds new language that excludes from the definition of construction contract any residential projects that include dwelling units required to be affordable to residents at a specific income level, as established by statute, regulation, restrictive declaration, or regulatory agreement with a federal, state, or local government entity. The purpose of this change appears to be to provide clarity and potentially simplify regulatory requirements for certain affordable housing construction projects. The bill would take effect immediately upon becoming law, and it aims to streamline how certain affordable housing development contracts are classified under the General Business Law.

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https://www.nysenate.gov/legislation/bills/2025/S5344