This bill amends existing law to require municipalities to exclude below-grade areas from the calculation of floor-area-ratios (FAR) for new construction projects. Below-grade areas are defined as any part of a building that is entirely or partially below ground level, including basements, cellars, and sublevels. The bill allows developers to utilize these below-grade areas for specific purposes such as parking, storage, mechanical spaces, and additional facilities without affecting the FAR calculation.

The new legal language inserted into the law includes definitions for "floor-area-ratio (FAR)," "below-grade area," and "new construction," as well as the stipulation that municipalities must exclude below-grade areas from FAR calculations. There are no deletions from current law noted in the text provided. The act is set to take effect 60 days after its passage.