NY S09349

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

Permits "fair value" for this specific property transfer to be determined by agreement between the Commissioner of Mental Health and the Commissioner of Housing and Community Renewal, potentially below appraised value to serve the public interest.

Requires the transferred property be used for the Vital Brooklyn project, 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 the conveyance does not impair tax-exempt status of financing agreements with state housing and medical care facilities finance agencies.

Takes effect immediately upon enactment.