Cuomo dubs revised 421-a plan ‘Affordable New York,’ advances new legislation

Posted On Mon, January 16, 2017 By

Posted On Mon, January 16, 2017 By In affordable housing, Policy

A year after the city’s 421-a tax exemption program expired, a new version of the affordable housing incentive is officially moving forward. In August, Governor Cuomo released a new version of the plan that which include wage subsidies for construction workers and extended terms for the tax breaks, and after the Building and Construction Trades Council of Greater New York and the Real Estate Board of New York (REBNY) reached an agreement in November to move ahead with this version, the Governor’s office now reports that they’ll be advancing new legislation to move ahead the program that’s now been re-named “Affordable New York.” Cuomo says this will create 2,500 new affordable housing units per year.

Under Affordable New York, rental buildings with 300 or more apartments–in Manhattan south of 96th Street and in Brooklyn and Queens’ Community Boards 1 and 2 one mile from the East River waterfront–that reserve at least 20 percent of units as affordable for 40 years will be eligible for tax incentives for 35 years, up from 421-a’s 35-year requirement and 25-year tax break. Construction workers on those projects in Manhattan must receive an average rate of $60 per hour, while those in Brooklyn and Queens $45. Other provisions of the agreement are:

  • Expand housing opportunities for low-income individuals by lowering income eligibility requirements
  • Ensure enforcement and compliance of the wage and benefits requirements by requiring developers to hire independent monitors to audit payroll reports and create penalties for developers who do fail to meet the requirements.
  • Allow projects that began construction after December 31, 2015 and on or before June 15, 2020 to qualify for the program if the completion date is on or before June 15, 2026.

In a statement Governor Cuomo said, “This agreement will help fulfill the real need for more affordable housing in New York City while recognizing the work of the employees who build them. [It] will expand housing opportunities for low-income individuals by lowering income eligibility requirements, and extend affordability for projects created with 421-a for an additional five years. This is a major step forward in our efforts to provide affordable housing in New York City and ensuring benefits and fair wages are paid to hardworking men and women. I’m urging the Legislature to pass the Affordable New York bill and release the $2 billion housing fund.”

The bill was sent to the legislature on Sunday. Cuomo hopes this will also incentivize Senate Republicans to release a $2 billion housing fund to create supportive affordable housing.

RELATED:

Lead image via Jason Farrar

 

Tags : , ,

MOST RECENT ARTICLES

  • Dreamy furnished studio with lots of greenery asks $3,200/month in the East Village

    Dreamy furnished studio with lots of greenery asks $3,200/month in the East Village

    This furnished rental at 527 East 12th Street in the East Village is downright dreamy. The exposed brick has been painted white ...
  • National Academy’s trio of palatial UES buildings drops price to $79M, gets new pics

    National Academy’s trio of palatial UES buildings drops price to $79M, gets new pics

    Nearly a year ago, the National Academy Museum & School listed their three stunning Carnegie Hill properties for $120 million–two interconnected townhouses ...
  • 204 years ago today, the Manhattan Street Grid became official

    204 years ago today, the Manhattan Street Grid became official

    Photo courtesy of the Greenwich Village Society of Historical Preservation Deemed by historians as the “single most important document in ...
  • Law assigning hundreds of NYC spots to car-shares now in effect

    Law assigning hundreds of NYC spots to car-shares now in effect

    Signed into law Tuesday, the program dedicates 600 vehicle spaces—300 on-street and 300 off-street—throughout the five boroughs to companies such ...
  • French bulldog keeps title of NYC’s favorite breed; first Citywide Ferry boat enroute to New York

    French bulldog keeps title of NYC’s favorite breed; first Citywide Ferry boat enroute to New York

    Why Robert Moses just won’t go away. [NYT] For the third year in a row, NYC’s most popular dog breed ...
  • Comptroller Scott Stringer lays out plan for NYC to invest in its seniors

    Comptroller Scott Stringer lays out plan for NYC to invest in its seniors

    Like many cities across the country, New York City’s population is getting older. Today, more than 1.1 million adults over ...
  • Remembering New York City’s days of deadly smog

    Remembering New York City’s days of deadly smog

    Smog covering the Empire State Building. New York, NY, US, November 21, 1953, LIFE Magazine. Over Thanksgiving weekend in 1966, the ...
  • Rent in the Greenwich Village building where Alexander Hamilton purportedly spent his final day

    Rent in the Greenwich Village building where Alexander Hamilton purportedly spent his final day

    Alexander Hamilton and Aaron Burr may have dueled in Weehawken, New Jersey, but they also both left their mark on ...
  • 82 billionaires live in NYC, the most in the world

    82 billionaires live in NYC, the most in the world

    For the second year in a row, New York takes the title of the city with the most billionaires in ...
  • $800K co-op is a Zen paradise in Brooklyn Heights inspired by the Botanic Gardens

    $800K co-op is a Zen paradise in Brooklyn Heights inspired by the Botanic Gardens

    It’s not every day a New York City apartment listing invites us to “Sleep safely and quietly with your doors wide ...
  • Kushner Cos. vision for 666 Fifth Avenue has Zaha Hadid design and $12B ambitions

    Kushner Cos. vision for 666 Fifth Avenue has Zaha Hadid design and $12B ambitions

    A rendering of 666 Fifth Avenue. Credit: Kushner Companies/Zaha Hadid Architects As 6sqft previously reported, 666 Fifth Avenue owners Kushner ...
  • Peter Kostelov transforms a dark uptown apartment into a multifunctional home with sliding furniture

    Peter Kostelov transforms a dark uptown apartment into a multifunctional home with sliding furniture

    Living in cramped New York quarters requires a specific approach to spatial planning that favors efficiency and functionality. In this ...

SIGN UP FOR OUR NEWSLETTERS

Thank you, your sign-up request was successful!
This email address is already subscribed, thank you!
Please provide a valid email address.
Please complete the CAPTCHA.
Oops. Something went wrong. Please try again later.