This local law requires the New York City Economic Development Corporation (NYCEDC) to prepare and publicly post community impact reports for economic development projects receiving $4 million or more in city subsidies. These reports must be submitted to the Mayor and the Speaker of the City Council and made available online at least 15 days before the final project agreements are executed. The community impact reports are mandated to include detailed information on potential resident and business displacement, estimates of job creation, and housing impacts. Furthermore, for projects located in highly distressed areas, an additional analysis covering job training opportunities, local investment, and wage impacts is required. The bill also specifies that projects primarily for affordable housing (where units are affordable to less than 120% AMI and market-rate units are no more than 50% of total units) are exempt from these reporting requirements. The law is intended to increase transparency regarding the impact of city-subsidized economic development on communities.