NY S04040

Allows property owners in New York City to petition for the establishment of "city community improvement projects" when at least 51% of property owners (by assessed value and by number) within a proposed project area sign a petition

Authorizes projects to include repair or modification of shared driveways, retrofits or repair of private sewers, rehabilitation or removal of existing structures, enhanced sanitation services, and security services

Requires project plans to be reviewed by the City Planning Commission, community boards, and City Council, with public hearings and notification to property owners and tenants before approval

Funds projects through "project charges" levied on benefited properties, with charges limited to 20% of general city taxes on the project area; allows the city to issue bonds for capital improvements with aggregate debt capped at 7% of the district's average full valuation

Establishes project management associations as not-for-profit corporations to oversee each project, with boards including property owner representatives, tenant representatives, and four appointed members from the mayor, comptroller, borough president, and council member