Last week, Gov. Cuomo announced that the Real Estate Board of New York (REBNY) and the Building and Construction Trades Council of Greater New York have reached an agreement to revive the New York affordable housing construction program known as 421-a.

Under the agreement, the law would impose a wage floor for certain construction projects, grant full property tax relief for 421-a projects for 35 years, and extend income restrictions on affordable apartments built through the program to 40 years.

The measure must be approved by the Legislature before it can become law. Gov. Cuomo called on the Legislature to return to Albany to act on it, raising the possibility of a special legislative session some time before January.