NY A00463

Prohibits the state, its agencies, and authorities from incurring debt or issuing bonds if the purpose or effect would be to aid in relocating any enterprise, business, or similar activity from an economically challenged neighborhood in New York.

Defines "economically challenged neighborhood" as an area with at least 2,000 people constituting one or more census tracts that have a poverty rate of at least 20 percent OR at least 20 percent of the population receiving public assistance, AND an unemployment rate of at least 1.25 times the statewide unemployment rate, based on most recent census data available.

Extends the definition of economically challenged neighborhood to include census tracts that are contiguous to areas meeting the criteria in the above definition.

Takes effect immediately upon enactment.