- Defines affordable housing as housing units for individuals and families with an income at or below 130 percent of the median income for the Nassau-Suffolk primary metropolitan statistical area (Sec. 1).
- Requires housing developers of five or more residential units in Nassau or Suffolk counties to set aside at least ten percent of those units for affordable housing, to construct affordable housing units on other land within the same municipality, or to pay a fee equal to twice the median income for a family of four on Long Island in exchange for certain development incentives that allow them to construct housing units with a ten percent greater residential density or floor area than allowed under current law (Sec. 1).
- Requires local governments to use money collected from such developer fees for the construction of affordable housing (Sec. 1).