Requires return of financial assistance for projects with material shortfalls or violations; prohibits funds, incentives, subsidies, or tax.

This bill amends the general municipal law to mandate the return of all or part of the financial assistance provided for a project if it has material shortfalls or material violations. Agencies must develop policies for such returns, including tax exemptions. The bill also prohibits the use of funds, financial incentives, subsidies, or tax exemptions for projects already in development, except in cases of significant cost increases or property tax reassessments. Agencies must document any deviations from these policies and post resolutions on their websites.

Requires return of financial assistance for projects with material shortfalls or violations; prohibits funds, incentives, subsidies, or tax.

This bill amends the general municipal law to mandate the return of all or part of the financial assistance provided for a project if it has material shortfalls or material violations. Agencies must develop policies for such returns, including tax exemptions. The bill also prohibits the use of funds, financial incentives, subsidies, or tax exemptions for projects already in development, except in cases of significant cost increases or property tax reassessments. Agencies must document any deviations from these policies and post resolutions on their websites.