Bill
A 1032
Overview: Bill Number: A 1032, Title: Updates value capture mechanisms for NYC and the MTA, Status: REFERRED TO CORPORATIONS, AUTHORITIES AND COMMISSIONS, Introduced: January 08, 2
Overview: Bill Number: A 1032, Title: Updates value capture mechanisms for NYC and the MTA, Status: REFERRED TO CORPORATIONS, AUTHORITIES AND COMMISSIONS, Introduced: January 08, 2025
Purpose and Intent: The bill aims to update the value capture mechanisms used by New York City and the Metropolitan Transportation Authority (MTA) to fund infrastructure and public transit investments. The goal is to ensure that the benefits of these investments are more equitably shared with the surrounding communities.
Key Provisions:
- Authorizes the use of tax increment financing (TIF) districts to capture increased property tax revenues generated by MTA infrastructure projects
- Requires a portion of TIF revenues to be reinvested in affordable housing and community development initiatives
- Expands the MTA's ability to levy special assessments on properties that directly benefit from transit improvements
- Directs the MTA to develop a framework for equitable value capture that considers community needs and impacts
Affected Parties and Impacts: The bill would impact New York City and MTA residents, property owners, and businesses. It aims to ensure that infrastructure investments provide broader community benefits, rather than primarily accruing to nearby property owners.
Procedural and Timeline Considerations: The bill has been referred to the Assembly Committee on Corporations, Authorities and Commissions. If passed, the MTA and city would need to implement the new value capture mechanisms as part of their capital planning and budgeting processes.
Compiled from official sources — confirm details with the bill’s official record.
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