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 | Jun 9, 2016
Supreme Court ruling could aid developers on properties containing wetlands
Unanimous decision allows landowners to take regulatory decisions straight to court.
Green | Jun 8, 2016
TD Bank Group's renovated Toronto office is first WELL-Certified project under WELL v1
The newly renovated 25,000-sf space achieved gold-level status.
Concrete | Jun 7, 2016
Concrete Institute publishes document providing concrete curing guidance
New curing monitoring techniques included.
Energy | Jun 7, 2016
Energy modeling payback typically as short as one to two months
Energy modeling is a ‘no-brainer—like checking MPG on a car’
Green | Jun 2, 2016
USGBC offers new LEED pilot credit: Building Material Human Hazard and Exposure Assessment
For assessing human health-related exposure scenarios for construction products.
Resiliency | Jun 1, 2016
Federal agencies boost standards for more resilient construction
HUD, FEMA, GSA, Army Corps of Engineers make policy changes.
Green | May 31, 2016
Miami Beach requires developers to meet green standards or pay a fee
Applies to structures larger than 7,000 sf.
Codes and Standards | May 27, 2016
Better enforcement needed for successful implementation of energy efficiency policies
Commercial buildings the focus of recent code initiatives.
Codes and Standards | May 25, 2016
LEED Dynamic is worth the effort, says commercial real estate executive
San Diego office tower is California’s first office building to receive LEED Dynamic plaque in recertification.
Codes and Standards | May 24, 2016
Ontario planning to spend $7 billion on wide-ranging climate change plan
Includes financial incentives to retrofit buildings.