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Assembly Bill A9120

2023-2024 Legislative Session

Requires educational institutions with an endowment of 10 billion dollars or more to provide a certain percentage of affordable housing units

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Archive: Last Bill Status - In Assembly Committee

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2023-A9120 (ACTIVE) - Details

See Senate Version of this Bill:
S9293
Current Committee:
Assembly Higher Education
Law Section:
Education
Versions Introduced in 2025-2026 Legislative Session:
S3751

2023-A9120 (ACTIVE) - Summary

Requires educational institutions with an endowment of 10 billion dollars or more to incorporate thirty percent affordable housing units in any property owned by such institution that provides any form of housing.

2023-A9120 (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   9120
 
                           I N  A S S E M B L Y
 
                             February 7, 2024
                                ___________
 
 Introduced  by  M.  of  A.  O'DONNELL  --  read once and referred to the
   Committee on Higher Education
 
 AN ACT to require educational institutions with an endowment of over ten
   billion dollars to provide a certain percentage of affordable  housing
   units
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:

   Section 1. Notwithstanding any other provision of law or any  rule  or
 regulation  to  the  contrary,  any educational institution which has an
 endowment of over ten billion dollars, and which is located  in  a  city
 with  a  population  of  one  million  or more, shall incorporate thirty
 percent affordable housing units, as defined  by  subparagraph  (xv)  of
 paragraph  (a)  of  subdivision 16 of section 421-a of the real property
 tax law, in any property owned by such institution  which  provides  any
 form of housing.
   ยง 2. This act shall take effect immediately.
 
 
 
 
 
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD14047-02-4

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