S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   3996
 
                        2025-2026 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 30, 2025
                                ___________
 
 Introduced  by M. of A. BRONSON -- read once and referred to the Commit-
   tee on Housing
 
 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

   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

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD05639-02-5
              

 A. 3996                             2
 
 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
 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 31-A to read as follows:
                               ARTICLE 31-A
                           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.
 A. 3996                             3

   8.  "BUILDING SERVICE EMPLOYEE" SHALL MEAN ANY PERSON WHO IS REGULARLY
 EMPLOYED AT, AND PERFORMS WORK IN CONNECTION WITH THE  CARE  OR  MAINTE-
 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 REGARD 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.
 A. 3996                             4
 
 AS PART OF SUCH ATTESTATION, THE APPLICANT  SHALL  AGREE  TO  JOINT  AND
 SEVERAL RESPONSIBILITY FOR ANY PENALTIES ASSESSED UNDER ARTICLE EIGHT OF
 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-
 A. 3996                             5
 
 ING COMPLIANCE THROUGH AN ANNUAL  REVIEW,  THAT  PROJECT  SPONSORS  HAVE
 ESTABLISHED  CONTRACTS  WITH  INVESTORS, CONTRACTORS, AND SUBCONTRACTORS
 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
 A. 3996                             6
 
 THE AFFORDABLE UNITS SHALL REMAIN SUBJECT TO AFFORDABLE REGULATIONS  FOR
 THE  LIFE OF THE BUILDING. SUCH COVENANTS SHALL REQUIRE THAT THE UNIT BE
 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 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. This act shall take effect immediately.