NY A07380

Defines "deeply affordable" housing as units affordable to households earning 60% or less of the area median income as determined by HUD

Makes it false advertising under General Business Law section 350 to describe housing that does not meet this standard as "deeply affordable" in promotional materials by parties with a financial interest

Requires advertisements for mixed-income buildings to clearly state either the percentage or number of deeply affordable units versus market-rate units

Mandates that state and municipal governments follow these same advertising standards when communicating about available deeply affordable housing

Takes effect 180 days after becoming law; does not affect eligibility for existing tax credits or incentive programs with different affordability definitions