Provides that revenues from buyouts of Mitchell-Lama projects must be used for affordable housing purposes

Provides that revenues from buyouts of Mitchell-Lama projects, whether state-aided or municipally-aided, must be used for affordable housing purposes by the state or the municipality; creates a special state fund, the Mitchell-Lama buyout affordable housing fund; provides that such fund's revenues may only be used for housing projects meeting Mitchell-Lama eligibility criteria.