What's happening
This bill requires state and NYC officials to collect and publicly post detailed financial documents from developers building affordable housing with public funds.
Why it matters
Increases transparency and accountability. by requiring developers who receive public funds for affordable housing to publicly disclose detailed financial information, potentially deterring misuse or misallocation of taxpayer money.
Gives the public, watchdog groups, and policymakers deeper insight. into the true costs and benefits of affordable housing projects, including the mix of market-rate versus below-market units, the size of subsidies, and the terms developers agree to.
May influence future housing policy and negotiations. by making data on loan guarantees, subsidies, environmental impacts, and project timelines widely accessible, enabling better-informed debates and oversight.
Could affect developer behavior. by subjecting their project finances and agreements to public scrutiny, possibly leading to changes in how deals are structured or how developers approach public-private partnerships.
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Who cares
Headline styles
Make Developer Documents Public
Plain English, a few words. Used as the page title.
Sponsors
No co-sponsors yet.
History
- Referred to commerce, economic development and small business
Full text
2 pagesUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
7403
IN SENATE
January 12, 2018
Introduced by Sen. HAMILTON -- read twice and ordered printed, and when printed to be committed to the Committee on Commerce, Economic Development and Small Business
AN ACT to amend the economic development law and the New York city charter, in relation to requiring the state commissioner of economic development and the New York city commissioner of buildings to collect certain documents from developers
The People of the State of New York, represented in Senate and Assembly, do enact as follows:
Section 1. Section 10 of the economic development law, as amended by chapter 839 of the laws of 1987, is amended to read as follows:
§ 10. Department of economic development; commissioner. There shall be in the state government a department of economic development. The head of the department shall be the commissioner of economic development who shall be appointed by the governor, by and with the advice and consent of the senate, and hold office until the end of the term of the governor by whom he was appointed and until his successor is appointed and has qualified. The principal office of the department shall be in the city of Albany. Regional offices may be established and maintained by the department in such places as the commissioner may determine and for which appropriations are made by the legislature. The commissioner may, with the commissioners of general services, transportation and labor, develop and institute a procedure for the uniform collection of employment and economic data within the state for use in connection with the scheduling of public works projects. The commissioner shall develop and institute a procedure for the collection of financial documentation from developers related to the building of affordable housing units with public money and shall post all such financial documentation to a website accessible to the public. Such financial documentation shall include, but not be limited to, the number of market rate and below market rate apartments, the terms of agreement, any anticipated environmental impact, loan guarantees, financial subsidies and the timeline for the project.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD13447-01-7
S. 7403 2
§ 2. Section 641 of the New York city charter, as amended by local law number 39 of the city of New York for the year of 2008, is amended to read as follows:
§ 641. Department; commissioner. There shall be a department of buildings, the head of which shall be the commissioner of buildings. The commissioner or the first deputy commissioner shall be a registered architect or a licensed professional engineer in good standing under the education law. The commissioner shall develop and institute a procedure for the collection of financial documentation from developers related to the building of affordable housing units with public money and shall post all such financial documentation to a website accessible to the public. Such financial documentation shall include, but not be limited to, the number of market rate and below market rate apartments, the terms of agreement, any anticipated environmental impact, loan guarantees, financial subsidies and the timeline for the project.
§ 3. This act shall take effect on the thirtieth day after it shall have become a law.
Reflowed for reading: line numbers and page breaks removed. Cite the official text.
Sponsor's memo
Title of bill
An act to amend the economic development law and the New York city charter, in relation to requiring the state commissioner of economic development and the New York city commissioner of buildings to collect certain documents from developers
Purpose
This bill allows for increased transparency by requiring all financials for projects that created affordable housing units be posted on a website accessible to the public. The website should include the number of market rate and below market units as well as environmental impact, loan guarantees, financial subsidies and timeframe for the project.
Summary of provisions
Section 1: Amends Section 10 of the Economic Development to include the procedure for posting of information relating to building of the afford- able housing units in these projects post financial documentation to a website including environmental impacts, loan guarantees, financial subsidies and timeframe for the project.
Section 2: Amends Section 641 of the New York City Charter, to include the procedure for posting of information relating to building of the affordable housing units in these projects post financial documentation to a website including environmental impacts, loan guarantees, financial subsidies and timeframe for the project.
Existing law
Under current law, New York does not require the public disclosure of any documentation of any Requests for proposals and awards for projects that have affordable housing units.
Justification
Transparency is important to those entrusted with doing the public and good and making sure decisions involving the public treasury and proper- ty are done in the public's interest. This legislation would require the posting of information from developers who are awarded to build afforda- ble housing units with public monies. The public has a right to examine the financial documentation of these projects to ensure that the public understands the including environmental impacts, loan guarantees, finan- cial subsidies and timeframe for the project.
The Bedford Armory project in Brooklyn is an example where a munici- pality said that it got the best deal it could for the community and that any more increased affordability would have made the project not financially viable, but without information available to the public, how can someone be sure that this is the best deal or that it creates the maximum affordable housing units.
Legislative history
This is a new bill.
Fiscal implications
Minimal in terms of costs to post because the websites exist in addition to the technical staff.
Local fiscal implications
Minimal in terms of costs to post because the websites exist in addition to the technical staff.
Effective date
This act shall take effect on the thirtieth day after it shall have become a law.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.