S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   8993
 
                             I N  S E N A T E
 
                               April 8, 2024
                                ___________
 
 Introduced  by  Sen.  RAMOS  -- read twice and ordered printed, and when
   printed to be committed to the Committee on Finance
 
 AN ACT to amend the private housing finance law, in relation  to  estab-
   lishing  a  jobs  and  housing  pilot  program  to  create jobs in the
   construction industry and address the housing crisis;  and  making  an
   appropriation therefor

   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Short title. This act shall be known and may  be  cited  as
 the "jobs and housing act".
   §  2.  Legislative  intent. 1. The legislature finds and declares that
 New York state is in the midst of a jobs and housing crisis.  More  than
 half  of  renters statewide are rent-burdened, spending more than 30% of
 their income on rent. Over 60,000 New Yorkers are homeless. Home  owner-
 ship  has  slipped  out  of reach for an entire generation, cracking the
 foundation of the American Dream and threatening to  deepen  the  racial
 wealth gap. The backbone of New York state's existing supply of afforda-
 ble  housing  is  in  jeopardy;  new  unfunded renewable energy mandates
 threaten to impose extraordinary  capital  costs  on  Mitchell-Lama  and
 similar limited equity cooperatives built by labor unions that will push
 them out of affordability.
   2.  The housing crisis has also become a labor crisis due to shortages
 of workforce housing. Over 500,000 people left New York state  in  2022,
 driven  out  of  the  state  by high housing costs. Working families and
 talented professionals are leaving New York  in  search  of  a  path  to
 homeownership,  or  at  least housing they can afford. In New York city,
 civil service positions that require residency, once highly sought-after
 as a ticket to middle-class stability, have now become harder  to  fill.
 New York state must dramatically expand its supply of affordable housing
 to remain competitive in the global economy.
   3.  The housing crisis is exacerbating a crisis of good jobs, which in
 turn exacerbates the housing crisis. Median real  household  income  has
 declined  by  7.2% in New York state since 2019. Workers are squeezed by
 skyrocketing housing costs on the one hand, and stagnant real  wages  on
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

                                                            LBD14428-06-4
 S. 8993                             2
 
 the other. Historically, union careers in the construction industry have
 been a pathway to the middle class for thousands of New Yorkers, partic-
 ularly  immigrant workers, workers of color, and workers without college
 degrees,  but  since 2019, the industry lost over 44,400 jobs due to the
 pandemic. Public spending on residential housing construction is urgent-
 ly needed to close the gap by creating good jobs for working  people  in
 New  York  state,  which  will  result  in a virtuous cycle of increased
 consumer spending to sustain economic growth.
   4. The housing crisis threatens to deepen the racial wealth gap in New
 York state. White households are more than twice as likely to own  their
 own  homes than Black or Latino households in New York state. Decades of
 racial discrimination through redlining, restrictive covenants, and most
 recently, predatory lending have prevented  Black  and  Latino  families
 from  accessing  the  wealth-building engine of home ownership. This has
 contributed to a massive racial wealth gap: in New  York  state,  median
 White  household net worth is $276,900, while Black median household net
 worth is $18,870. The housing crisis threatens to deepen this  disparity
 by  pushing  home  ownership  further  out of reach for Black and Latino
 households.
   5. The current model of housing development is not working for working
 people and threatens the economic vitality of our state. It is therefore
 in the interests of the people of New York to pilot a  new  approach  to
 creating good jobs and affordable workforce housing.
   §  3. The private housing finance law is amended by adding a new arti-
 cle 32 to read as follows:
                                ARTICLE 32
                           JOBS AND HOUSING ACT
 SECTION 1283. SHORT TITLE.
         1284. DEFINITIONS.
         1285. JOBS AND HOUSING PILOT PROGRAM.
         1286. HOUSING RENTAL AND TENANT ELIGIBILITY.
   § 1283. SHORT TITLE. THIS ARTICLE SHALL BE KNOWN AND MAY BE  CITED  AS
 THE "JOBS AND HOUSING PILOT PROGRAM".
   § 1284. DEFINITIONS. FOR THE PURPOSES OF THIS ARTICLE:
   1.  "DIVISION"  SHALL MEAN THE STATE DIVISION OF HOUSING AND COMMUNITY
 RENEWAL.
   2. "MINORITY-OWNED BUSINESS ENTERPRISE" SHALL HAVE THE SAME MEANING AS
 DEFINED IN SECTION THREE HUNDRED TEN OF THE EXECUTIVE LAW.
   3. "WOMEN-OWNED BUSINESS ENTERPRISE" SHALL HAVE THE  SAME  MEANING  AS
 DEFINED IN SECTION THREE HUNDRED TEN OF THE EXECUTIVE LAW.
   4.  "LABOR  ORGANIZATION"  SHALL  HAVE  THE SAME MEANING AS DEFINED IN
 SECTION SEVEN HUNDRED ONE OF THE LABOR LAW; PROVIDED, HOWEVER, THAT  FOR
 THE  PURPOSES  OF THIS ARTICLE, THE TERM "LABOR ORGANIZATION" SHALL ALSO
 INCLUDE UMBRELLA ORGANIZATIONS  AND  STATE,  LOCAL  AND  CENTRAL  BODIES
 COMPRISED SOLELY OF SUCH LABOR ORGANIZATIONS.
   5.  "UNION-AFFILIATED  NONPROFIT"  SHALL MEAN AN ORGANIZATION THAT HAS
 BEEN DESIGNATED AS HAVING TAX-EXEMPT STATUS  BY  THE  FEDERAL  OR  STATE
 GOVERNMENT  AND THAT (A) HAS AN EXISTING PARTNERSHIP WITH A LABOR ORGAN-
 IZATION, OR (B) HAS A CONTRACTUAL AGREEMENT WITH  A  LABOR  ORGANIZATION
 FOR THE DEVELOPMENT OF HOUSING.
   6.  "AFFORDABLE  COOPERATIVE  HOUSING" SHALL MEAN HOUSING DEVELOPMENTS
 REGULATED UNDER ARTICLES TWO, FOUR, FIVE AND ELEVEN OF THIS CHAPTER.
   7. "PROJECT LABOR AGREEMENT" SHALL HAVE THE SAME MEANING AS DEFINED IN
 SECTION TWO HUNDRED TWENTY-TWO OF THE LABOR LAW.
   8. "BUILDING SERVICE EMPLOYEE" SHALL MEAN ANY PERSON WHO IS  REGULARLY
 EMPLOYED  AT,  AND  PERFORMS WORK IN CONNECTION WITH THE CARE OR MAINTE-
 S. 8993                             3
 
 NANCE OF, AN ELIGIBLE MULTIPLE DWELLING, INCLUDING, BUT NOT LIMITED TO A
 WATCHMAN, GUARD, DOORMAN, BUILDING CLEANER, PORTER,  HANDYMAN,  JANITOR,
 GARDENER,  GROUNDSKEEPER,  ELEVATOR  OPERATOR  AND  STARTER,  AND WINDOW
 CLEANER;  PROVIDED,  HOWEVER,  THAT  BUILDING SERVICE EMPLOYEE SHALL NOT
 INCLUDE PERSONS REGULARLY SCHEDULED TO WORK FEWER THAN EIGHT  HOURS  PER
 WEEK.
   § 1285. JOBS AND HOUSING PILOT PROGRAM. 1. WITHIN AMOUNTS APPROPRIATED
 OR OTHERWISE AVAILABLE THEREFOR, THE DIVISION SHALL DEVELOP AND ADMINIS-
 TER  A  JOBS  AND  HOUSING PILOT PROGRAM TO DEVELOP OR REDEVELOP HOUSING
 THAT IS AFFORDABLE TO INDIVIDUALS ELIGIBLE FOR HOUSING PURSUANT TO  THIS
 ARTICLE.  THE  DIVISION  IS  HEREBY  AUTHORIZED  TO  TAKE ADMINISTRATIVE
 ACTIONS WHEN NECESSARY, INCLUDING BUT NOT LIMITED TO HIRING  ADMINISTRA-
 TORS, TO COMPLY WITH THE REQUIREMENTS WITHIN THIS ARTICLE.
   2.  IN  COORDINATION WITH NECESSARY STATE AGENCIES, THE DIVISION SHALL
 CREATE A LIST OF AVAILABLE STATE-OWNED  LAND  ELIGIBLE  FOR  RESIDENTIAL
 HOUSING  DEVELOPMENT.  SUCH LIST SHALL BE CREATED AND AVAILABLE NO LATER
 THAN ONE HUNDRED EIGHTY DAYS AFTER THE EFFECTIVE DATE OF  THIS  ARTICLE.
 SUCH LIST SHALL INCLUDE THE LOCATION, ZONING REQUIREMENTS, AGENCY DESIG-
 NATION,  AND ESTIMATED VALUE IN REGARDS TO THE CURRENT HOUSING MARKET OF
 SUCH LAND. THE DIVISION SHALL, IN CONSULTATION WITH RELEVANT LOCAL HOUS-
 ING AUTHORITIES,  RANK  SUCH  LIST  IN  ACCORDANCE  WITH  THE  FOLLOWING
 FACTORS:  (A)  THE  FEASIBILITY  OF  ESTABLISHING  A RESIDENTIAL HOUSING
 DEVELOPMENT ON SUCH LAND; (B) THE AREA MEDIAN INCOME,  PRIORITIZING  LOW
 INCOME  AREAS  WITH  A HIGH NEED FOR AFFORDABLE HOUSING DEVELOPMENT; (C)
 THE NUMBER OF RESIDENTIAL UNITS TO BE  POTENTIALLY  BUILT,  PRIORITIZING
 LARGE  UNITS; AND (D) THE COST TO THE STATE. SUCH LIST SHALL BE UTILIZED
 BY THE DIVISION IN THE DECISION FOR DEVELOPMENT OF NEW RESIDENTIAL HOUS-
 ING FOR THE PURPOSES OF THIS ARTICLE.
   3. AFTER CREATION OF THE LIST PURSUANT  TO  SUBDIVISION  TWO  OF  THIS
 SECTION,  THE  DIVISION SHALL, BASED ON AVAILABLE FUNDS, DETERMINE WHICH
 LOCATION OR LOCATIONS SHALL BE DEVELOPED FOR THE PROGRAM AND ENTER  INTO
 AN  AGREEMENT  PURSUANT  TO THIS ARTICLE WITH AN ELIGIBLE APPLICANT THAT
 HAS SUBMITTED AN  APPLICATION  PURSUANT  TO  SUBDIVISION  FIVE  OF  THIS
 SECTION.
   4. THE DIVISION SHALL ISSUE AN INITIAL NOTICE OF FUND AVAILABILITY AND
 REQUEST  FOR  CONTRACTOR APPLICATIONS WITHIN FORTY-FIVE BUSINESS DAYS OF
 THE EFFECTIVE DATE OF THIS ARTICLE.
   5. THE DIVISION SHALL POST ON ITS WEBSITE THE REQUEST FOR APPLICATIONS
 PURSUANT TO SUBDIVISION FOUR OF THIS SECTION FOR  ELIGIBLE  DEVELOPMENTS
 TO APPLY FOR FUNDING TO:
   (A) DEVELOP NEW RESIDENTIAL HOUSING ON STATE-OWNED LAND, LAND OWNED BY
 AN EXISTING COOPERATIVE, LAND OWNED BY A RELIGIOUS INSTITUTION, OR OTHER
 PRIVATELY-OWNED LAND WHICH MEETS ALL OF THE CRITERIA OF THIS SECTION; OR
   (B) REDEVELOP AFFORDABLE COOPERATIVE HOUSING DEVELOPMENTS.
   6. IN ORDER TO QUALIFY FOR THE PROGRAM, THE APPLICANT SHALL:
   (A) MEET THE REQUIREMENTS OF SUBDIVISION SEVEN OF THIS SECTION;
   (B)  DEMONSTRATE  A HISTORY OF PROMOTING WORKFORCE DEVELOPMENT THROUGH
 THE USE OF  CONTRACTORS  THAT  PARTICIPATE  IN  APPRENTICESHIP  PROGRAMS
 REGISTERED  WITH  THE  STATE  OR  THE  FEDERAL DEPARTMENT OF LABOR AND A
 COMMITMENT TO MEETING LOCAL HIRING GOALS;
   (C)  ATTEST  TO  RESPONSIBILITY  FOR  ENSURING  THAT  ALL  DEMOLITION,
 CONSTRUCTION,  REHABILITATION,  RENOVATION,  RETROFIT  OR REPAIR WORK IS
 SUBJECT TO ARTICLE EIGHT OF THE  LABOR  LAW,  INCLUDING  THE  APPLICABLE
 PREVAILING WAGE PURSUANT TO SECTION TWO HUNDRED TWENTY OF THE LABOR LAW.
 AS  PART  OF  SUCH  ATTESTATION,  THE APPLICANT SHALL AGREE TO JOINT AND
 SEVERAL RESPONSIBILITY FOR ANY PENALTIES ASSESSED UNDER ARTICLE EIGHT OF
 S. 8993                             4
 
 THE LABOR LAW THAT ARE AGAINST ANY CONTRACTOR OR  SUBCONTRACTOR  ON  THE
 APPLICANT'S  DEVELOPMENT UNDER THIS PROGRAM.  WHERE THE APPLICANT AGREES
 TO ENTER INTO A PROJECT LABOR AGREEMENT WITH A BONA  FIDE  BUILDING  AND
 CONSTRUCTION  TRADES  LABOR ORGANIZATION WHICH HAS ESTABLISHED ITSELF AS
 THE COLLECTIVE  BARGAINING  REPRESENTATIVE  FOR  ALL  PERSONS  WHO  WILL
 PERFORM WORK ON SUCH A PROJECT, ARTICLE EIGHT OF THE LABOR LAW SHALL NOT
 APPLY;
   (D)  WHERE THE STATE MAINTAINS A PROPRIETARY INTEREST IN A DEVELOPMENT
 THAT RECEIVES FUNDING OR LAND THROUGH THE PROGRAM, AGREE TO ENTER INTO A
 PROJECT LABOR AGREEMENT WITH  A  BONA  FIDE  BUILDING  AND  CONSTRUCTION
 TRADES LABOR ORGANIZATION WHICH HAS ESTABLISHED ITSELF AS THE COLLECTIVE
 BARGAINING  REPRESENTATIVE FOR ALL PERSONS WHO WILL PERFORM WORK ON SUCH
 A PROJECT; AND
   (E) ATTEST TO RESPONSIBILITY FOR ENSURING THAT  ALL  BUILDING  SERVICE
 EMPLOYEES  EMPLOYED  BY  THE  APPLICANT  FOR  A PROJECT OR REDEVELOPMENT
 SUBJECT TO THIS ARTICLE SHALL RECEIVE THE APPLICABLE PREVAILING WAGE FOR
 THE DURATION OF THE BENEFIT PERIOD, REGARDLESS OF WHETHER SUCH  BENEFITS
 PROVIDED  PURSUANT TO THIS SECTION ARE REVOKED OR TERMINATED. AS PART OF
 SUCH ATTESTATION, THE APPLICANT SHALL AGREE TO JOINT AND SEVERAL RESPON-
 SIBILITY FOR ANY PENALTIES ASSESSED UNDER ARTICLE NINE OF THE LABOR  LAW
 THAT  ARE  AGAINST  ANY  CONTRACTOR  OR SUBCONTRACTOR ON THE APPLICANT'S
 DEVELOPMENT UNDER THIS PROGRAM.
   7. TO BE ELIGIBLE FOR FUNDING AND  ACCESS  TO  LAND  PURSUANT  TO  THE
 PROGRAM,  PROPOSED  DEVELOPMENT PROJECTS SHALL MEET THE FOLLOWING CRITE-
 RIA:
   (A) PROJECTS SHALL BE EITHER:
   (I) AN AFFORDABLE COOPERATIVE HOUSING DEVELOPMENT  IN  EXISTING  STATE
 AND  LOCAL HOUSING PROGRAMS FOR AFFORDABLE AND WORKFORCE HOUSING INCLUD-
 ING, BUT NOT LIMITED TO, MITCHELL-LAMA HOUSING. SUCH AFFORDABLE  COOPER-
 ATIVE  HOUSING  DEVELOPMENTS  SHALL  BE  ELIGIBLE FOR REHABILITATION AND
 SUSTAINABILITY RETROFIT FUNDS, WITH PRIORITY  TO  EXISTING  DEVELOPMENTS
 SPONSORED  BY  A LABOR ORGANIZATION OR AN AFFILIATE OF A LABOR ORGANIZA-
 TION; OR
   (II) A NEW CONSTRUCTION PROJECT TO BE BUILT ON STATE-OWNED LAND,  LAND
 OWNED BY AN EXISTING COOPERATIVE, LAND OWNED BY A RELIGIOUS INSTITUTION,
 OR  OTHER  PRIVATELY-OWNED  LAND WHICH MEETS ALL OF THE CRITERIA OF THIS
 SECTION.
   (B) PROJECTS SHALL BE FINANCED BY A LABOR ORGANIZATION'S PENSION  FUND
 OR  A  COMMINGLED  FUND  OF PENSION FUND INVESTMENTS WITH A DEMONSTRATED
 TRACK RECORD OF SUCCESSFUL  INVESTMENT  IN  BOTH  NEW  CONSTRUCTION  AND
 SUBSTANTIAL REHABILITATION OF AFFORDABLE HOUSING.
   (C) THE PROJECT'S HOUSING SHALL BE AFFORDABLE TO INDIVIDUALS UNDER THE
 REQUIREMENTS OF SECTION TWELVE HUNDRED EIGHTY-SIX OF THIS ARTICLE.
   8.  THE  DIVISION SHALL AWARD PROJECTS TO ELIGIBLE APPLICANTS PURSUANT
 TO SUBDIVISIONS SIX AND SEVEN  OF  THIS  SECTION  AND  SHALL  PRIORITIZE
 APPLICANTS  THAT  ARE  MINORITY- OR WOMEN-OWNED BUSINESS ENTERPRISES FOR
 SUCH PROJECTS.
   9.  (A)  TO  CERTIFY  COMPLIANCE  WITH  ELIGIBILITY  REQUIREMENTS  FOR
 PROJECTS,  THE  DIVISION  SHALL DESIGNATE THE COMPTROLLER OF THE CITY OF
 NEW YORK AS THE FISCAL OFFICER FOR PROJECTS IN THE CITY OF NEW YORK  AND
 THE  COMMISSIONER  OF  THE DEPARTMENT OF LABOR AS THE FISCAL OFFICER FOR
 PROJECTS OUTSIDE THE CITY OF NEW YORK. THE FISCAL OFFICER SHALL BE PARTY
 TO CONTRACTS THAT AWARD FUNDING FOR DEVELOPMENT AND SHALL BE  DESIGNATED
 TO  CERTIFY BY SIGNATURE ON ALL AWARD CONTRACTS, AND SHALL CERTIFY ONGO-
 ING COMPLIANCE THROUGH AN ANNUAL  REVIEW,  THAT  PROJECT  SPONSORS  HAVE
 ESTABLISHED  CONTRACTS  WITH  INVESTORS, CONTRACTORS, AND SUBCONTRACTORS
 S. 8993                             5
 
 THAT DEMONSTRATE ADHERENCE TO ELIGIBILITY REQUIREMENTS.   PROJECT  SPON-
 SORS,  THEIR  CONTRACTORS,  AND  SUBCONTRACTORS,  SHALL  COMPLY WITH AND
 SUBMIT ALL  DOCUMENTATION  TO  THE  FISCAL  OFFICER  REQUESTED  FOR  THE
 PURPOSES  OF  CERTIFYING COMPLIANCE.   THE FISCAL OFFICER SHALL HAVE THE
 POWER:
   (I) TO INVESTIGATE OR CAUSE AN INVESTIGATION TO BE MADE  TO  DETERMINE
 THE PREVAILING WAGES AS DETERMINED IN ARTICLE EIGHT OF THE LABOR LAW AND
 FOR  BUILDING  SERVICE  EMPLOYEES, AND IN MAKING SUCH INVESTIGATION, THE
 FISCAL OFFICER MAY UTILIZE WAGE AND FRINGE  BENEFIT  DATA  FROM  VARIOUS
 SOURCES,  INCLUDING,  BUT  NOT  LIMITED  TO,  DATA AND DETERMINATIONS OF
 FEDERAL, STATE OR OTHER GOVERNMENTAL AGENCIES;
   (II) TO INSTITUTE AND CONDUCT INSPECTIONS AT THE SITE OF THE  WORK  OR
 ELSEWHERE;
   (III)  TO  EXAMINE  THE BOOKS, DOCUMENTS AND RECORDS PERTAINING TO THE
 WAGES PAID TO, AND THE HOURS OF WORK PERFORMED BY, EMPLOYEES SUBJECT  TO
 ARTICLE EIGHT OF THE LABOR LAW AND BUILDING SERVICE EMPLOYEES;
   (IV)  TO  HOLD HEARINGS AND, IN CONNECTION THEREWITH, TO ISSUE SUBPOE-
 NAS, THE ENFORCEMENT OF WHICH SHALL BE REGULATED BY THE  CIVIL  PRACTICE
 LAW AND RULES, ADMINISTER OATHS AND EXAMINE WITNESSES;
   (V) TO MAKE A CLASSIFICATION BY CRAFT, TRADE OR OTHER GENERALLY RECOG-
 NIZED  OCCUPATIONAL  CATEGORY  OF  THE BUILDING SERVICE EMPLOYEES AND TO
 DETERMINE WHETHER SUCH WORK HAS BEEN PERFORMED BY THE  BUILDING  SERVICE
 EMPLOYEES IN SUCH CLASSIFICATION; AND
   (VI) TO REQUIRE THE APPLICANT TO FILE WITH THE FISCAL OFFICER A RECORD
 OF  THE  WAGES  ACTUALLY  PAID BY SUCH APPLICANT TO EMPLOYEES SUBJECT TO
 ARTICLE EIGHT OF THE LABOR LAW AND THE BUILDING SERVICE EMPLOYEES AND OF
 THEIR HOURS OF WORK.
   (B) FOR EACH VIOLATION OF THIS ARTICLE, THE FISCAL OFFICER MAY REQUIRE
 THE PAYMENT OF: (I) BACK WAGES  AND  FRINGE  BENEFITS;  (II)  LIQUIDATED
 DAMAGES  UP TO THREE TIMES THE AMOUNT OF THE BACK WAGES AND FRINGE BENE-
 FITS FOR WILLFUL VIOLATIONS; AND (III) REASONABLE  ATTORNEYS'  FEES.  IF
 THE  FISCAL  OFFICER  FINDS THAT THE APPLICANT HAS FAILED TO COMPLY WITH
 THE PROVISIONS OF THIS SUBDIVISION, THE  FISCAL  OFFICER  SHALL  PRESENT
 EVIDENCE OF SUCH NON-COMPLIANCE TO THE DIVISION.
   § 1286. HOUSING RENTAL AND TENANT ELIGIBILITY.  1. EXCEPT FOR PROJECTS
 SUBJECT TO AFFORDABILITY REQUIREMENTS OF EXISTING AFFORDABLE COOPERATIVE
 HOUSING  REGULATIONS AND LAWS, ALL NEW RESIDENTIAL BUILDINGS CONSTRUCTED
 PURSUANT TO THIS ARTICLE SHALL SET ASIDE:
   (A) TWENTY-FIVE PERCENT OF UNITS FOR HOUSEHOLDS  EARNING  BELOW  FIFTY
 PERCENT  OF  THE  AREA MEDIAN INCOME, ADJUSTED FOR FAMILY SIZE, PROVIDED
 THAT A MINIMUM OF TEN PERCENT OF SUCH  UNITS  SHALL  BE  AFFORDABLE  FOR
 HOUSEHOLDS  EARNING  BELOW  THIRTY  PERCENT  OF  THE AREA MEDIAN INCOME,
 ADJUSTED FOR FAMILY SIZE;
   (B) TWENTY-FIVE PERCENT OF UNITS FOR HOUSEHOLDS EARNING  BELOW  EIGHTY
 PERCENT OF THE AREA MEDIAN INCOME, ADJUSTED FOR FAMILY SIZE;
   (C)  TWENTY-FIVE  PERCENT  OF  UNITS  FOR HOUSEHOLDS EARNING BELOW ONE
 HUNDRED TWENTY PERCENT OF THE AREA MEDIAN INCOME,  ADJUSTED  FOR  FAMILY
 SIZE; AND
   (D)  TWENTY-FIVE  PERCENT  OF  UNITS  FOR HOUSEHOLDS EARNING BELOW ONE
 HUNDRED SIXTY-FIVE PERCENT OF THE AREA MEDIAN INCOME, ADJUSTED FOR FAMI-
 LY SIZE.
   2. A PROPERTY CONTAINING ANY  AFFORDABLE  UNITS  SHALL  BE  RESTRICTED
 USING  A   MECHANISM SUCH AS A DECLARATION OF RESTRICTIVE COVENANTS OR A
 REGULATORY AGREEMENT WITH A LOCAL OR STATE AGENCY THAT SHALL ENSURE THAT
 THE AFFORDABLE UNITS SHALL REMAIN SUBJECT TO AFFORDABLE REGULATIONS  FOR
 THE  LIFE OF THE BUILDING. SUCH COVENANTS SHALL REQUIRE THAT THE UNIT BE
 S. 8993                             6
 
 THE PRIMARY RESIDENCE OF THE HOUSEHOLD SELECTED TO OCCUPY THE UNIT. UPON
 APPROVAL, SUCH DECLARATION OR REGULATORY  AGREEMENT  SHALL  BE  RECORDED
 AGAINST  THE  PROPERTY CONTAINING THE AFFORDABLE UNIT PRIOR TO THE ISSU-
 ANCE OF A CERTIFICATE OF OCCUPANCY FOR THE DEVELOPMENT.
    3.  FOR AFFORDABLE HOMEOWNERSHIP UNITS, THE TITLE TO SUCH UNITS SHALL
 BE RESTRICTED SO THAT IN THE EVENT OF ANY RESALE BY THE HOMEOWNER OR ANY
 SUCCESSOR HOMEOWNER, THE RESALE PRICE SHALL NOT EXCEED AN AMOUNT AFFORD-
 ABLE TO A HOUSEHOLD AT THE  SPECIFIED  PERCENTAGE  OF  THE  AREA  MEDIAN
 INCOME.
   4.  AFTER  THE  COMPLETION  OF ANY NEW RESIDENTIAL HOUSING DEVELOPMENT
 PURSUANT TO THIS ARTICLE, THE DIVISION SHALL  SET  A  MAXIMUM  ALLOWABLE
 RENT FOR EACH DEVELOPMENT WHICH SHALL BE THIRTY-FIVE PERCENT OF THE AREA
 MEDIAN INCOME SPECIFIED FOR THE UNIT.
   5. AN AFFORDABLE HOUSING UNIT SHALL NOT BE:
   (A) RENTED TO A CORPORATION, PARTNERSHIP OR OTHER ENTITY; OR
   (B)  HELD OFF THE MARKET FOR A PERIOD LONGER THAN IS REASONABLY NECES-
 SARY TO PERFORM REPAIRS NEEDED TO  MAKE  SUCH  AFFORDABLE  HOUSING  UNIT
 AVAILABLE FOR OCCUPANCY.
   6.  AN  AFFORDABLE  HOUSING  UNIT  SHALL NOT BE RENTED ON A TEMPORARY,
 TRANSIENT OR SHORT-TERM BASIS. EVERY LEASE AND RENEWAL  THEREOF  FOR  AN
 AFFORDABLE  HOUSING UNIT SHALL BE FOR A TERM OF ONE OR TWO YEARS, AT THE
 OPTION OF THE TENANT.
   7. THE DIVISION MAY ESTABLISH BY RULE SUCH REQUIREMENTS AS  THE  DIVI-
 SION DEEMS NECESSARY OR APPROPRIATE FOR:
   (A) THE MARKETING OF AFFORDABLE HOUSING UNITS, BOTH UPON INITIAL OCCU-
 PANCY AND UPON ANY VACANCY;
   (B) MONITORING COMPLIANCE WITH THE PROVISIONS OF THIS SUBDIVISION; AND
   (C) THE ESTABLISHMENT OF MARKETING BANS FOR AFFORDABLE HOUSING UNITS.
   §   4.   The   sum   of   one   billion   fifty-nine  million  dollars
 ($1,059,000,000), or so much thereof as  may  be  necessary,  is  hereby
 appropriated  to  the  division  of housing and community renewal out of
 moneys in the state treasury in the general fund to the  credit  of  the
 state purposes account, not otherwise appropriated, and made immediately
 available, for the purposes of carrying out the provisions of this act.
   a.  Three  hundred thirty-three million dollars ($333,000,000) of such
 funds shall be used as subsidies for at least five,  but  no  more  than
 twenty-five,  new  affordable  and  workforce rental multifamily housing
 developments through such programs  as  the  division  finds  necessary,
 provided that all disbursements meet the requirements of this act;
   b.  Three  hundred thirty-three million dollars ($333,000,000) of such
 funds shall be used as subsidies for at least five,  but  no  more  than
 twenty-five,  new  multifamily  affordable  cooperative housing develop-
 ments, provided that all disbursements meet  the  requirements  of  this
 act;
   c.  Three  hundred thirty-three million dollars ($333,000,000) of such
 funds shall be used as subsidies for rehabilitation  and  sustainability
 retrofits  of  at  least five but no more than fifty existing affordable
 cooperative housing developments across the  state,  provided  that  all
 disbursements meet the requirements of this act;
   d.  Twenty-five  million  dollars ($25,000,000) of such funds shall be
 used for capacity-building grants for minority- and women-owned business
 enterprises that meet the requirements of this act;
   e. Twenty-five million dollars ($25,000,000) of such  funds  shall  be
 used for capacity-building grants for labor organizations or union-affi-
 liated  nonprofits  seeking  to contract projects that meet the require-
 ments of this act; and
 S. 8993                             7
 
   f. Ten million dollars ($10,000,000) of such funds shall  be  used  by
 the  division of housing and community renewal for the administration of
 the jobs and housing pilot program.
   Such  moneys  shall  be  payable on the audit and warrant of the comp-
 troller on vouchers certified or approved by the division of housing and
 community renewal, as necessary and in the manner prescribed by law.
   § 5. This act shall take effect immediately.