Budget Amendment ID: FY2017-S4-836

ECO 836

Community Benefits for Corporate Tax Breaks

Mr. Eldridge, Ms. L'Italien and Mr. Montigny moved that the proposed new text be amended by inserting after Section XX, the following section:-

SECTION XX. Any executive office, agency or department that provides a total of at least $25 million in state expenditures to a corporation in a fiscal year, in the form of tax breaks, infrastructure grants or other state assistance for the explicit purpose of economic development or job creation, shall provide at least 5 per cent of that total expenditure for the purpose of providing affordable housing in communities in the regional planning area where that corporation is located. For purposes of this section, "affordable housing" shall mean housing for persons having a household income of not more than 60 per cent of the median income in the municipality where the corporation is located, adjusted for household size, as periodically determined by the United States Department of Housing and Urban Development.