Establishes an optional local tax exemption for affordable multi-family housing, to be implemented by cities, towns and villages based on recommendations developed by the division of housing and community renewal for each economic development region.
Requires calculation of need for low and moderate income housing units to be based current percentage of units occupied by low and moderate income individuals or families; revises "Local Redevelopment and Housing Law" to allow for senior citizen housing and community development.
Increases historic tax credit to 30%, and up to 35%, depending on the amount of rental area available for multi-family housing, affordable rental units and units sold as affordable housing.