In a change from last year, the administration of New York City Mayor Bill de Blasio would let some residential developers double or even triple-dip into affordable housing subsidy pools for the same projects.
This is a reversal of a policy that would have eliminated double dipping. It came to light as two affordable housing measures were being debated.
One is a property tax exemption called 421-a that would require developers to set aside 25% to 30% of apartments in new buildings as affordable housing. Another, known as mandatory inclusionary zoning, would require that developers set aside up to 30% of all new condo or rental buildings as affordable on rezoned property.
The latter policy must be approved by the City Council. The relationship between the many programs that generate and govern affordable housing is complicated. How the two programs interact with each other, provided they both end up as law, remains to be seen, according to Crain’s New York Business.
Related Stories
Codes and Standards | May 10, 2017
OSHA increases penalties on South Dakota contractor after fatal building collapse
Agency issues over $300,000 in fines for ‘willful’ safety violations.
Codes and Standards | May 9, 2017
Potential shade on Boston Common from proposed high-rise raises public ire
The Mayor is among those who want to change 1990s anti-shadow law.
Codes and Standards | May 9, 2017
Method of estimating amount of CO2 by building occupants may be inaccurate
New research suggests current estimates may be off by as much as 25%.
Codes and Standards | May 8, 2017
National Fenestration Rating Council’s new U-factor standard open for public comment
Member-approved ballot change to NFRC 100 comments to close on May 28.
Codes and Standards | May 4, 2017
Millennials’ views on sustainability could influence the workplace
Nine out of ten say it is important that they work for a company committed to sustainability.
Codes and Standards | May 3, 2017
New York State extends design-build authority
The legislation includes eight additional projects.
Codes and Standards | May 2, 2017
U.S. announces preliminary tariffs on Canadian softwood lumber
The rates range from 3% to 24% per producer.
Codes and Standards | Apr 28, 2017
New York man alleged to have posed as licensed architect faces possible prison time
He is charged with defrauding construction companies, business owners, and local governments.
Codes and Standards | Apr 27, 2017
Extensive list of plug load efficiency utility incentives available for free download
The Dept. of Energy resource is a state-by-state compilation with hundreds of listings.
Codes and Standards | Apr 26, 2017
Chicago commits to 100% renewable power for all city buildings
In doing so, it becomes largest U.S. city to make such a pledge.