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S T A T E O F N E W Y O R K
________________________________________________________________________
2523
2025-2026 Regular Sessions
I N S E N A T E
January 21, 2025
___________
Introduced by Sens. RAMOS, COMRIE, HOYLMAN-SIGAL, PARKER, RIVERA -- read
twice and ordered printed, and when printed to be committed to the
Committee on Housing, Construction and Community Development
AN ACT to amend the private housing finance law, in relation to estab-
lishing a jobs and housing pilot program to create jobs in the
construction industry and address the housing crisis
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
1 Section 1. Short title. This act shall be known and may be cited as
2 the "jobs and housing act".
3 § 2. Legislative intent. 1. The legislature finds and declares that
4 New York state is in the midst of a jobs and housing crisis. More than
5 half of renters statewide are rent-burdened, spending more than 30% of
6 their income on rent. Over 60,000 New Yorkers are homeless. Home owner-
7 ship has slipped out of reach for an entire generation, cracking the
8 foundation of the American Dream and threatening to deepen the racial
9 wealth gap. The backbone of New York state's existing supply of afforda-
10 ble housing is in jeopardy; new unfunded renewable energy mandates
11 threaten to impose extraordinary capital costs on Mitchell-Lama and
12 similar limited equity cooperatives built by labor unions that will push
13 them out of affordability.
14 2. The housing crisis has also become a labor crisis due to shortages
15 of workforce housing. Over 500,000 people left New York state in 2022,
16 driven out of the state by high housing costs. Working families and
17 talented professionals are leaving New York in search of a path to
18 homeownership, or at least housing they can afford. In New York city,
19 civil service positions that require residency, once highly sought-after
20 as a ticket to middle-class stability, have now become harder to fill.
21 New York state must dramatically expand its supply of affordable housing
22 to remain competitive in the global economy.
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD05639-02-5
S. 2523 2
1 3. The housing crisis is exacerbating a crisis of good jobs, which in
2 turn exacerbates the housing crisis. Median real household income has
3 declined by 7.2% in New York state since 2019. Workers are squeezed by
4 skyrocketing housing costs on the one hand, and stagnant real wages on
5 the other. Historically, union careers in the construction industry have
6 been a pathway to the middle class for thousands of New Yorkers, partic-
7 ularly immigrant workers, workers of color, and workers without college
8 degrees, but since 2019, the industry lost over 44,400 jobs due to the
9 pandemic. Public spending on residential housing construction is urgent-
10 ly needed to close the gap by creating good jobs for working people in
11 New York state, which will result in a virtuous cycle of increased
12 consumer spending to sustain economic growth.
13 4. The housing crisis threatens to deepen the racial wealth gap in New
14 York state. White households are more than twice as likely to own their
15 own homes than Black or Latino households in New York state. Decades of
16 racial discrimination through redlining, restrictive covenants, and most
17 recently, predatory lending have prevented Black and Latino families
18 from accessing the wealth-building engine of home ownership. This has
19 contributed to a massive racial wealth gap: in New York state, median
20 White household net worth is $276,900, while Black median household net
21 worth is $18,870. The housing crisis threatens to deepen this disparity
22 by pushing home ownership further out of reach for Black and Latino
23 households.
24 5. The current model of housing development is not working for working
25 people and threatens the economic vitality of our state. It is therefore
26 in the interests of the people of New York to pilot a new approach to
27 creating good jobs and affordable workforce housing.
28 § 3. The private housing finance law is amended by adding a new arti-
29 cle 31-A to read as follows:
30 ARTICLE 31-A
31 JOBS AND HOUSING ACT
32 SECTION 1283. SHORT TITLE.
33 1284. DEFINITIONS.
34 1285. JOBS AND HOUSING PILOT PROGRAM.
35 1286. HOUSING RENTAL AND TENANT ELIGIBILITY.
36 § 1283. SHORT TITLE. THIS ARTICLE SHALL BE KNOWN AND MAY BE CITED AS
37 THE "JOBS AND HOUSING PILOT PROGRAM".
38 § 1284. DEFINITIONS. FOR THE PURPOSES OF THIS ARTICLE:
39 1. "DIVISION" SHALL MEAN THE STATE DIVISION OF HOUSING AND COMMUNITY
40 RENEWAL.
41 2. "MINORITY-OWNED BUSINESS ENTERPRISE" SHALL HAVE THE SAME MEANING AS
42 DEFINED IN SECTION THREE HUNDRED TEN OF THE EXECUTIVE LAW.
43 3. "WOMEN-OWNED BUSINESS ENTERPRISE" SHALL HAVE THE SAME MEANING AS
44 DEFINED IN SECTION THREE HUNDRED TEN OF THE EXECUTIVE LAW.
45 4. "LABOR ORGANIZATION" SHALL HAVE THE SAME MEANING AS DEFINED IN
46 SECTION SEVEN HUNDRED ONE OF THE LABOR LAW; PROVIDED, HOWEVER, THAT FOR
47 THE PURPOSES OF THIS ARTICLE, THE TERM "LABOR ORGANIZATION" SHALL ALSO
48 INCLUDE UMBRELLA ORGANIZATIONS AND STATE, LOCAL AND CENTRAL BODIES
49 COMPRISED SOLELY OF SUCH LABOR ORGANIZATIONS.
50 5. "UNION-AFFILIATED NONPROFIT" SHALL MEAN AN ORGANIZATION THAT HAS
51 BEEN DESIGNATED AS HAVING TAX-EXEMPT STATUS BY THE FEDERAL OR STATE
52 GOVERNMENT AND THAT (A) HAS AN EXISTING PARTNERSHIP WITH A LABOR ORGAN-
53 IZATION, OR (B) HAS A CONTRACTUAL AGREEMENT WITH A LABOR ORGANIZATION
54 FOR THE DEVELOPMENT OF HOUSING.
55 6. "AFFORDABLE COOPERATIVE HOUSING" SHALL MEAN HOUSING DEVELOPMENTS
56 REGULATED UNDER ARTICLES TWO, FOUR, FIVE AND ELEVEN OF THIS CHAPTER.
S. 2523 3
1 7. "PROJECT LABOR AGREEMENT" SHALL HAVE THE SAME MEANING AS DEFINED IN
2 SECTION TWO HUNDRED TWENTY-TWO OF THE LABOR LAW.
3 8. "BUILDING SERVICE EMPLOYEE" SHALL MEAN ANY PERSON WHO IS REGULARLY
4 EMPLOYED AT, AND PERFORMS WORK IN CONNECTION WITH THE CARE OR MAINTE-
5 NANCE OF, AN ELIGIBLE MULTIPLE DWELLING, INCLUDING, BUT NOT LIMITED TO A
6 WATCHMAN, GUARD, DOORMAN, BUILDING CLEANER, PORTER, HANDYMAN, JANITOR,
7 GARDENER, GROUNDSKEEPER, ELEVATOR OPERATOR AND STARTER, AND WINDOW
8 CLEANER; PROVIDED, HOWEVER, THAT BUILDING SERVICE EMPLOYEE SHALL NOT
9 INCLUDE PERSONS REGULARLY SCHEDULED TO WORK FEWER THAN EIGHT HOURS PER
10 WEEK.
11 § 1285. JOBS AND HOUSING PILOT PROGRAM. 1. WITHIN AMOUNTS APPROPRIATED
12 OR OTHERWISE AVAILABLE THEREFOR, THE DIVISION SHALL DEVELOP AND ADMINIS-
13 TER A JOBS AND HOUSING PILOT PROGRAM TO DEVELOP OR REDEVELOP HOUSING
14 THAT IS AFFORDABLE TO INDIVIDUALS ELIGIBLE FOR HOUSING PURSUANT TO THIS
15 ARTICLE. THE DIVISION IS HEREBY AUTHORIZED TO TAKE ADMINISTRATIVE
16 ACTIONS WHEN NECESSARY, INCLUDING BUT NOT LIMITED TO HIRING ADMINISTRA-
17 TORS, TO COMPLY WITH THE REQUIREMENTS WITHIN THIS ARTICLE.
18 2. IN COORDINATION WITH NECESSARY STATE AGENCIES, THE DIVISION SHALL
19 CREATE A LIST OF AVAILABLE STATE-OWNED LAND ELIGIBLE FOR RESIDENTIAL
20 HOUSING DEVELOPMENT. SUCH LIST SHALL BE CREATED AND AVAILABLE NO LATER
21 THAN ONE HUNDRED EIGHTY DAYS AFTER THE EFFECTIVE DATE OF THIS ARTICLE.
22 SUCH LIST SHALL INCLUDE THE LOCATION, ZONING REQUIREMENTS, AGENCY DESIG-
23 NATION, AND ESTIMATED VALUE IN REGARD TO THE CURRENT HOUSING MARKET OF
24 SUCH LAND. THE DIVISION SHALL, IN CONSULTATION WITH RELEVANT LOCAL HOUS-
25 ING AUTHORITIES, RANK SUCH LIST IN ACCORDANCE WITH THE FOLLOWING
26 FACTORS: (A) THE FEASIBILITY OF ESTABLISHING A RESIDENTIAL HOUSING
27 DEVELOPMENT ON SUCH LAND; (B) THE AREA MEDIAN INCOME, PRIORITIZING LOW
28 INCOME AREAS WITH A HIGH NEED FOR AFFORDABLE HOUSING DEVELOPMENT; (C)
29 THE NUMBER OF RESIDENTIAL UNITS TO BE POTENTIALLY BUILT, PRIORITIZING
30 LARGE UNITS; AND (D) THE COST TO THE STATE. SUCH LIST SHALL BE UTILIZED
31 BY THE DIVISION IN THE DECISION FOR DEVELOPMENT OF NEW RESIDENTIAL HOUS-
32 ING FOR THE PURPOSES OF THIS ARTICLE.
33 3. AFTER CREATION OF THE LIST PURSUANT TO SUBDIVISION TWO OF THIS
34 SECTION, THE DIVISION SHALL, BASED ON AVAILABLE FUNDS, DETERMINE WHICH
35 LOCATION OR LOCATIONS SHALL BE DEVELOPED FOR THE PROGRAM AND ENTER INTO
36 AN AGREEMENT PURSUANT TO THIS ARTICLE WITH AN ELIGIBLE APPLICANT THAT
37 HAS SUBMITTED AN APPLICATION PURSUANT TO SUBDIVISION FIVE OF THIS
38 SECTION.
39 4. THE DIVISION SHALL ISSUE AN INITIAL NOTICE OF FUND AVAILABILITY AND
40 REQUEST FOR CONTRACTOR APPLICATIONS WITHIN FORTY-FIVE BUSINESS DAYS OF
41 THE EFFECTIVE DATE OF THIS ARTICLE.
42 5. THE DIVISION SHALL POST ON ITS WEBSITE THE REQUEST FOR APPLICATIONS
43 PURSUANT TO SUBDIVISION FOUR OF THIS SECTION FOR ELIGIBLE DEVELOPMENTS
44 TO APPLY FOR FUNDING TO:
45 (A) DEVELOP NEW RESIDENTIAL HOUSING ON STATE-OWNED LAND, LAND OWNED BY
46 AN EXISTING COOPERATIVE, LAND OWNED BY A RELIGIOUS INSTITUTION, OR OTHER
47 PRIVATELY-OWNED LAND WHICH MEETS ALL OF THE CRITERIA OF THIS SECTION; OR
48 (B) REDEVELOP AFFORDABLE COOPERATIVE HOUSING DEVELOPMENTS.
49 6. IN ORDER TO QUALIFY FOR THE PROGRAM, THE APPLICANT SHALL:
50 (A) MEET THE REQUIREMENTS OF SUBDIVISION SEVEN OF THIS SECTION;
51 (B) DEMONSTRATE A HISTORY OF PROMOTING WORKFORCE DEVELOPMENT THROUGH
52 THE USE OF CONTRACTORS THAT PARTICIPATE IN APPRENTICESHIP PROGRAMS
53 REGISTERED WITH THE STATE OR THE FEDERAL DEPARTMENT OF LABOR AND A
54 COMMITMENT TO MEETING LOCAL HIRING GOALS;
55 (C) ATTEST TO RESPONSIBILITY FOR ENSURING THAT ALL DEMOLITION,
56 CONSTRUCTION, REHABILITATION, RENOVATION, RETROFIT OR REPAIR WORK IS
S. 2523 4
1 SUBJECT TO ARTICLE EIGHT OF THE LABOR LAW, INCLUDING THE APPLICABLE
2 PREVAILING WAGE PURSUANT TO SECTION TWO HUNDRED TWENTY OF THE LABOR LAW.
3 AS PART OF SUCH ATTESTATION, THE APPLICANT SHALL AGREE TO JOINT AND
4 SEVERAL RESPONSIBILITY FOR ANY PENALTIES ASSESSED UNDER ARTICLE EIGHT OF
5 THE LABOR LAW THAT ARE AGAINST ANY CONTRACTOR OR SUBCONTRACTOR ON THE
6 APPLICANT'S DEVELOPMENT UNDER THIS PROGRAM. WHERE THE APPLICANT AGREES
7 TO ENTER INTO A PROJECT LABOR AGREEMENT WITH A BONA FIDE BUILDING AND
8 CONSTRUCTION TRADES LABOR ORGANIZATION WHICH HAS ESTABLISHED ITSELF AS
9 THE COLLECTIVE BARGAINING REPRESENTATIVE FOR ALL PERSONS WHO WILL
10 PERFORM WORK ON SUCH A PROJECT, ARTICLE EIGHT OF THE LABOR LAW SHALL NOT
11 APPLY;
12 (D) WHERE THE STATE MAINTAINS A PROPRIETARY INTEREST IN A DEVELOPMENT
13 THAT RECEIVES FUNDING OR LAND THROUGH THE PROGRAM, AGREE TO ENTER INTO A
14 PROJECT LABOR AGREEMENT WITH A BONA FIDE BUILDING AND CONSTRUCTION
15 TRADES LABOR ORGANIZATION WHICH HAS ESTABLISHED ITSELF AS THE COLLECTIVE
16 BARGAINING REPRESENTATIVE FOR ALL PERSONS WHO WILL PERFORM WORK ON SUCH
17 A PROJECT; AND
18 (E) ATTEST TO RESPONSIBILITY FOR ENSURING THAT ALL BUILDING SERVICE
19 EMPLOYEES EMPLOYED BY THE APPLICANT FOR A PROJECT OR REDEVELOPMENT
20 SUBJECT TO THIS ARTICLE SHALL RECEIVE THE APPLICABLE PREVAILING WAGE FOR
21 THE DURATION OF THE BENEFIT PERIOD, REGARDLESS OF WHETHER SUCH BENEFITS
22 PROVIDED PURSUANT TO THIS SECTION ARE REVOKED OR TERMINATED. AS PART OF
23 SUCH ATTESTATION, THE APPLICANT SHALL AGREE TO JOINT AND SEVERAL RESPON-
24 SIBILITY FOR ANY PENALTIES ASSESSED UNDER ARTICLE NINE OF THE LABOR LAW
25 THAT ARE AGAINST ANY CONTRACTOR OR SUBCONTRACTOR ON THE APPLICANT'S
26 DEVELOPMENT UNDER THIS PROGRAM.
27 7. TO BE ELIGIBLE FOR FUNDING AND ACCESS TO LAND PURSUANT TO THE
28 PROGRAM, PROPOSED DEVELOPMENT PROJECTS SHALL MEET THE FOLLOWING CRITE-
29 RIA:
30 (A) PROJECTS SHALL BE EITHER:
31 (I) AN AFFORDABLE COOPERATIVE HOUSING DEVELOPMENT IN EXISTING STATE
32 AND LOCAL HOUSING PROGRAMS FOR AFFORDABLE AND WORKFORCE HOUSING INCLUD-
33 ING, BUT NOT LIMITED TO, MITCHELL-LAMA HOUSING. SUCH AFFORDABLE COOPER-
34 ATIVE HOUSING DEVELOPMENTS SHALL BE ELIGIBLE FOR REHABILITATION AND
35 SUSTAINABILITY RETROFIT FUNDS, WITH PRIORITY TO EXISTING DEVELOPMENTS
36 SPONSORED BY A LABOR ORGANIZATION OR AN AFFILIATE OF A LABOR ORGANIZA-
37 TION; OR
38 (II) A NEW CONSTRUCTION PROJECT TO BE BUILT ON STATE-OWNED LAND, LAND
39 OWNED BY AN EXISTING COOPERATIVE, LAND OWNED BY A RELIGIOUS INSTITUTION,
40 OR OTHER PRIVATELY-OWNED LAND WHICH MEETS ALL OF THE CRITERIA OF THIS
41 SECTION.
42 (B) PROJECTS SHALL BE FINANCED BY A LABOR ORGANIZATION'S PENSION FUND
43 OR A COMMINGLED FUND OF PENSION FUND INVESTMENTS WITH A DEMONSTRATED
44 TRACK RECORD OF SUCCESSFUL INVESTMENT IN BOTH NEW CONSTRUCTION AND
45 SUBSTANTIAL REHABILITATION OF AFFORDABLE HOUSING.
46 (C) THE PROJECT'S HOUSING SHALL BE AFFORDABLE TO INDIVIDUALS UNDER THE
47 REQUIREMENTS OF SECTION TWELVE HUNDRED EIGHTY-SIX OF THIS ARTICLE.
48 8. THE DIVISION SHALL AWARD PROJECTS TO ELIGIBLE APPLICANTS PURSUANT
49 TO SUBDIVISIONS SIX AND SEVEN OF THIS SECTION AND SHALL PRIORITIZE
50 APPLICANTS THAT ARE MINORITY- OR WOMEN-OWNED BUSINESS ENTERPRISES FOR
51 SUCH PROJECTS.
52 9. (A) TO CERTIFY COMPLIANCE WITH ELIGIBILITY REQUIREMENTS FOR
53 PROJECTS, THE DIVISION SHALL DESIGNATE THE COMPTROLLER OF THE CITY OF
54 NEW YORK AS THE FISCAL OFFICER FOR PROJECTS IN THE CITY OF NEW YORK AND
55 THE COMMISSIONER OF THE DEPARTMENT OF LABOR AS THE FISCAL OFFICER FOR
56 PROJECTS OUTSIDE THE CITY OF NEW YORK. THE FISCAL OFFICER SHALL BE PARTY
S. 2523 5
1 TO CONTRACTS THAT AWARD FUNDING FOR DEVELOPMENT AND SHALL BE DESIGNATED
2 TO CERTIFY BY SIGNATURE ON ALL AWARD CONTRACTS, AND SHALL CERTIFY ONGO-
3 ING COMPLIANCE THROUGH AN ANNUAL REVIEW, THAT PROJECT SPONSORS HAVE
4 ESTABLISHED CONTRACTS WITH INVESTORS, CONTRACTORS, AND SUBCONTRACTORS
5 THAT DEMONSTRATE ADHERENCE TO ELIGIBILITY REQUIREMENTS. PROJECT SPON-
6 SORS, THEIR CONTRACTORS, AND SUBCONTRACTORS, SHALL COMPLY WITH AND
7 SUBMIT ALL DOCUMENTATION TO THE FISCAL OFFICER REQUESTED FOR THE
8 PURPOSES OF CERTIFYING COMPLIANCE. THE FISCAL OFFICER SHALL HAVE THE
9 POWER:
10 (I) TO INVESTIGATE OR CAUSE AN INVESTIGATION TO BE MADE TO DETERMINE
11 THE PREVAILING WAGES AS DETERMINED IN ARTICLE EIGHT OF THE LABOR LAW AND
12 FOR BUILDING SERVICE EMPLOYEES, AND IN MAKING SUCH INVESTIGATION, THE
13 FISCAL OFFICER MAY UTILIZE WAGE AND FRINGE BENEFIT DATA FROM VARIOUS
14 SOURCES, INCLUDING, BUT NOT LIMITED TO, DATA AND DETERMINATIONS OF
15 FEDERAL, STATE OR OTHER GOVERNMENTAL AGENCIES;
16 (II) TO INSTITUTE AND CONDUCT INSPECTIONS AT THE SITE OF THE WORK OR
17 ELSEWHERE;
18 (III) TO EXAMINE THE BOOKS, DOCUMENTS AND RECORDS PERTAINING TO THE
19 WAGES PAID TO, AND THE HOURS OF WORK PERFORMED BY, EMPLOYEES SUBJECT TO
20 ARTICLE EIGHT OF THE LABOR LAW AND BUILDING SERVICE EMPLOYEES;
21 (IV) TO HOLD HEARINGS AND, IN CONNECTION THEREWITH, TO ISSUE SUBPOE-
22 NAS, THE ENFORCEMENT OF WHICH SHALL BE REGULATED BY THE CIVIL PRACTICE
23 LAW AND RULES, ADMINISTER OATHS AND EXAMINE WITNESSES;
24 (V) TO MAKE A CLASSIFICATION BY CRAFT, TRADE OR OTHER GENERALLY RECOG-
25 NIZED OCCUPATIONAL CATEGORY OF THE BUILDING SERVICE EMPLOYEES AND TO
26 DETERMINE WHETHER SUCH WORK HAS BEEN PERFORMED BY THE BUILDING SERVICE
27 EMPLOYEES IN SUCH CLASSIFICATION; AND
28 (VI) TO REQUIRE THE APPLICANT TO FILE WITH THE FISCAL OFFICER A RECORD
29 OF THE WAGES ACTUALLY PAID BY SUCH APPLICANT TO EMPLOYEES SUBJECT TO
30 ARTICLE EIGHT OF THE LABOR LAW AND THE BUILDING SERVICE EMPLOYEES AND OF
31 THEIR HOURS OF WORK.
32 (B) FOR EACH VIOLATION OF THIS ARTICLE, THE FISCAL OFFICER MAY REQUIRE
33 THE PAYMENT OF: (I) BACK WAGES AND FRINGE BENEFITS; (II) LIQUIDATED
34 DAMAGES UP TO THREE TIMES THE AMOUNT OF THE BACK WAGES AND FRINGE BENE-
35 FITS FOR WILLFUL VIOLATIONS; AND (III) REASONABLE ATTORNEYS' FEES. IF
36 THE FISCAL OFFICER FINDS THAT THE APPLICANT HAS FAILED TO COMPLY WITH
37 THE PROVISIONS OF THIS SUBDIVISION, THE FISCAL OFFICER SHALL PRESENT
38 EVIDENCE OF SUCH NON-COMPLIANCE TO THE DIVISION.
39 § 1286. HOUSING RENTAL AND TENANT ELIGIBILITY. 1. EXCEPT FOR PROJECTS
40 SUBJECT TO AFFORDABILITY REQUIREMENTS OF EXISTING AFFORDABLE COOPERATIVE
41 HOUSING REGULATIONS AND LAWS, ALL NEW RESIDENTIAL BUILDINGS CONSTRUCTED
42 PURSUANT TO THIS ARTICLE SHALL SET ASIDE:
43 (A) TWENTY-FIVE PERCENT OF UNITS FOR HOUSEHOLDS EARNING BELOW FIFTY
44 PERCENT OF THE AREA MEDIAN INCOME, ADJUSTED FOR FAMILY SIZE, PROVIDED
45 THAT A MINIMUM OF TEN PERCENT OF SUCH UNITS SHALL BE AFFORDABLE FOR
46 HOUSEHOLDS EARNING BELOW THIRTY PERCENT OF THE AREA MEDIAN INCOME,
47 ADJUSTED FOR FAMILY SIZE;
48 (B) TWENTY-FIVE PERCENT OF UNITS FOR HOUSEHOLDS EARNING BELOW EIGHTY
49 PERCENT OF THE AREA MEDIAN INCOME, ADJUSTED FOR FAMILY SIZE;
50 (C) TWENTY-FIVE PERCENT OF UNITS FOR HOUSEHOLDS EARNING BELOW ONE
51 HUNDRED TWENTY PERCENT OF THE AREA MEDIAN INCOME, ADJUSTED FOR FAMILY
52 SIZE; AND
53 (D) TWENTY-FIVE PERCENT OF UNITS FOR HOUSEHOLDS EARNING BELOW ONE
54 HUNDRED SIXTY-FIVE PERCENT OF THE AREA MEDIAN INCOME, ADJUSTED FOR FAMI-
55 LY SIZE.
S. 2523 6
1 2. A PROPERTY CONTAINING ANY AFFORDABLE UNITS SHALL BE RESTRICTED
2 USING A MECHANISM SUCH AS A DECLARATION OF RESTRICTIVE COVENANTS OR A
3 REGULATORY AGREEMENT WITH A LOCAL OR STATE AGENCY THAT SHALL ENSURE THAT
4 THE AFFORDABLE UNITS SHALL REMAIN SUBJECT TO AFFORDABLE REGULATIONS FOR
5 THE LIFE OF THE BUILDING. SUCH COVENANTS SHALL REQUIRE THAT THE UNIT BE
6 THE PRIMARY RESIDENCE OF THE HOUSEHOLD SELECTED TO OCCUPY THE UNIT. UPON
7 APPROVAL, SUCH DECLARATION OR REGULATORY AGREEMENT SHALL BE RECORDED
8 AGAINST THE PROPERTY CONTAINING THE AFFORDABLE UNIT PRIOR TO THE ISSU-
9 ANCE OF A CERTIFICATE OF OCCUPANCY FOR THE DEVELOPMENT.
10 3. FOR AFFORDABLE HOMEOWNERSHIP UNITS, THE TITLE TO SUCH UNITS SHALL
11 BE RESTRICTED SO THAT IN THE EVENT OF ANY RESALE BY THE HOMEOWNER OR ANY
12 SUCCESSOR HOMEOWNER, THE RESALE PRICE SHALL NOT EXCEED AN AMOUNT AFFORD-
13 ABLE TO A HOUSEHOLD AT THE SPECIFIED PERCENTAGE OF THE AREA MEDIAN
14 INCOME.
15 4. AFTER THE COMPLETION OF ANY NEW RESIDENTIAL HOUSING DEVELOPMENT
16 PURSUANT TO THIS ARTICLE, THE DIVISION SHALL SET A MAXIMUM ALLOWABLE
17 RENT FOR EACH DEVELOPMENT WHICH SHALL BE THIRTY PERCENT OF THE AREA
18 MEDIAN INCOME SPECIFIED FOR THE UNIT.
19 5. AN AFFORDABLE HOUSING UNIT SHALL NOT BE:
20 (A) RENTED TO A CORPORATION, PARTNERSHIP OR OTHER ENTITY; OR
21 (B) HELD OFF THE MARKET FOR A PERIOD LONGER THAN IS REASONABLY NECES-
22 SARY TO PERFORM REPAIRS NEEDED TO MAKE SUCH AFFORDABLE HOUSING UNIT
23 AVAILABLE FOR OCCUPANCY.
24 6. AN AFFORDABLE HOUSING UNIT SHALL NOT BE RENTED ON A TEMPORARY,
25 TRANSIENT OR SHORT-TERM BASIS. EVERY LEASE AND RENEWAL THEREOF FOR AN
26 AFFORDABLE HOUSING UNIT SHALL BE FOR A TERM OF ONE OR TWO YEARS, AT THE
27 OPTION OF THE TENANT.
28 7. THE DIVISION MAY ESTABLISH BY RULE SUCH REQUIREMENTS AS THE DIVI-
29 SION DEEMS NECESSARY OR APPROPRIATE FOR:
30 (A) THE MARKETING OF AFFORDABLE HOUSING UNITS, BOTH UPON INITIAL OCCU-
31 PANCY AND UPON ANY VACANCY;
32 (B) MONITORING COMPLIANCE WITH THE PROVISIONS OF THIS SUBDIVISION; AND
33 (C) THE ESTABLISHMENT OF MARKETING BANS FOR AFFORDABLE HOUSING UNITS.
34 § 4. This act shall take effect immediately.