NY A01912

Authorizes the City of New York to enter into cooperative partnerships with collective bargaining units representing city employees to finance construction of affordable housing for unit members.

Requires housing units financed under this section to be occupied exclusively by City of New York 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 less than 125% of the area median income.

Prohibits lease or rental agreement renewal if the occupancy criteria in subdivision two are no longer satisfied.

Takes effect immediately upon enactment.