Relating to multifamily residential developments financed, owned, or operated by public facility corporations.

HB 3533 defines "multifamily residential development" as any rental property with four or more units (regardless of attached/detached units). It restricts school district-related developments: for projects financed or operated by a school district or its public housing entity, at least 75% of units must be reserved for district employees, or the property must have served as a school campus for 10+ years. The bill applies only to new developments or contracts entered after the effective date (September 1, 2025, or earlier if passed by two-thirds vote). It directly affects school districts and public housing corporations operating multifamily housing.