New York officials credit a first-quarter surge in residential unit permits in the first quarter to a property tax-break program for developers.
Along with a strong economy, the Affordable New York initiative helped triple New York City’s residential permits compared with the same period in 2016. The permits account for 6,343 units, which is the largest number since 2007.
The tax break was included in April's state budget, but Gov. Andrew Cuomo announced in January that the benefits would be retroactive to the beginning of 2017. The Affordable New York initiative is the successor to the 421-a tax credit program.
The new initiative applies to certain areas of the city, and sets minimum wage levels for qualifying projects. It offers tax breaks to developers who build projects of 300 units or more in certain areas of Manhattan, Brooklyn, and Queens.
Related Stories
| Oct 18, 2012
EPA commercial building lead paint rule pushed back to 2015
The U.S. Environmental Protection Agency's inclusion of commercial buildings in a residential lead paint rule is being delayed until 2015.
| Oct 18, 2012
Chicago pushing green roofs to reduce heat island effect
The city of Chicago has mandated that all new buildings that require any public funds must be LEED certified, usually with a green roof.
| Oct 11, 2012
OSHA launches pilot program for alternative dispute resolution on whistleblower complaints
The Occupational Safety and Health Administration (OSHA) is launching an alternative dispute resolution (ADR) pilot program for complaints filed with OSHA's Whistleblower Protection Program.
| Oct 11, 2012
Bill promotes investment in commercial, multifamily retrofits
The Commercial Building Modernization Act recently introduced in the Senate would extend and streamline a current tax deduction to encourage commercial and multifamily residential building owners to perform comprehensive energy-efficient retrofits.
| Oct 11, 2012
Morristown, N.Y., settles code violation dispute with Amish
The town of Morristown, N.Y., has dropped charges of building code violations against local Amish communities to settle a First Amendment complaint.
| Oct 11, 2012
Mesquite, Nev., rebels against state-mandated energy code
The city council of Mesquite, Nev., voted against adopting a new energy efficiency code adopted by the state.
| Oct 11, 2012
Bloomingdale, N.J., restricts ground solar and wind energy installations
The borough of Bloomingdale, N.J., recently adopted regulations for solar-energy and wind energy systems.
| Oct 3, 2012
Bill introduced to extend home energy efficiency tax credit
A bill to extend the expired residential energy efficiency tax credit for installing qualified furnaces, boilers, central air conditioners, and heat pumps was recently filed in the U.S. House of Representatives.