Governor Cuomo recently announced that his revised version of the city’s 421-a tax exemption program would officially be moving forward. He said the initiative, dubbed “Affordable New York,” would create 2,500 new affordable housing units per year, but a new study from the city’s Department of Housing Preservation and Development says this will come at a cost. As Politico reports, Cuomo’s changes to the program would cost NYC an additional $820 million over 10 years if approved by the state Legislature, $82 million a year more than Mayor de Blasio’s proposed 421-a overhaul in 2015.
affordable new york
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.