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
| Oct 16, 2014
U.S. military concerned about climate change putting bases at risk from floods
Among the challenges the armed forces may face is rising sea levels that could put Navy docks and other installations under water in places like Norfolk, Va., Honolulu, and other coastal locations.
| Oct 16, 2014
Fannie Mae releases white paper on energy performance of multifamily buildings
The least energy efficient multifamily property may be spending $165,000 more in annual energy costs than a similar property operating the most efficiently, according to a new white paper released by Fannie Mae.
| Oct 16, 2014
Energy Department sets green building standards for federal agencies
LEED Silver may be used, and in some instances, the Green Globes program may be substituted, according to a new regulation by the U.S. Department of Energy.
| Oct 16, 2014
New York City’s climate plan includes tripling of solar energy
New York City’s plan to cut greenhouse gas emissions by 80% by 2050 includes tripling the amount of solar power generated from city-owned buildings.
| Oct 15, 2014
Drones may soon assist code inspectors for construction in the UAE
The United Arab Emirates’ Ministry of Labour announced that they will start using drones to help inspectors record when construction sites are breaking laws.
| Oct 9, 2014
California authorizes increased use of design-build on state projects
Under the updated law, the Department of General Services and the Department of Corrections and Rehabilitation may use design-build on projects in excess of $1 million.
| Oct 9, 2014
New York City releases guide for retrofitting buildings against floods
Part of the city’s response to widespread flooding as a result of Hurricane Sandy, the manual offers retrofitting strategies that will enable property owners to reduce the risk of damage and disruption from coastal flooding.
| Oct 9, 2014
Seattle puts restrictions on micro apartments
The Seattle City Council passed new rules that new studio apartments in the city must measure at least 220 sf and contain at least two sinks.
| Oct 9, 2014
Cities get creative with stormwater management
Cities around the world are crafting stormwater management policies that include natural and manmade methods to store and absorb runoff to reduce flooding.
| Oct 2, 2014
Fannie Mae study says affordable rental units more energy efficient than market-rate units
Fannie Mae’s new report on energy usage in the multifamily sector found that affordable properties use 28% less energy per unit and are 29% smaller than market-rate properties.