NY A06935

Amends the Private Housing Finance Law to allow New York City to enter into cooperative partnerships with collective bargaining units representing city employees to finance construction of affordable housing.

Requires that housing units financed under this provision be exclusively occupied by New York City employees, with at least one resident being a city employee who resides in the unit for more than 50% of the year.

Limits occupancy to households with combined income below 125% of the area median income.

Prohibits lease renewal or extension if occupants no longer meet the eligibility criteria established in the bill.

Takes effect immediately upon enactment.