NY A10520

Amends the Facilities Development Corporation Act to allow conveyance of the westernmost portion of Kingsboro Psychiatric Center (681 Clarkson Avenue, Brooklyn) to a housing development fund corporation.

Permits "fair value" for the property transfer to be determined jointly by the Commissioner of Mental Health and the Commissioner of Housing and Community Renewal, and allows the agreed-upon amount to be less than appraised fair value.

Requires the property transfer to support the Vital Brooklyn project with goals including increased open spaces, improved health care access, affordable housing development, and at least 100 supportive housing units for Office of Mental Health recipients.

Maintains existing protections requiring Attorney General or bond counsel approval to ensure conveyance does not impair tax-exempt status of state housing finance agency or medical care facilities finance agency obligations.

Takes effect immediately upon enactment.