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
| Jul 19, 2012
Glass ‘biodome’ helps Parkview Green FangCaoDi project in Beijing achieve LEED Platinum
A glass envelope acting as a kind of biodome encapsulates four mixed-use towers at Parkview Green FangCaoDi, an 800,000 sf mixed-use development in Beijing. The glass structure helped the development to achieve LEED Platinum certification.
| Jul 19, 2012
UMass-Boston's Bevington: 'Financing alternatives crucial to energy-efficiency upgrades'
It’s conceivable that innovation in project finance can do for building efficiency in the coming century what 30-year mortgages did for home ownership in the last, this article asserts.
| Jul 19, 2012
NYC eases building code to create ‘micro apartments’ in Kips Bay
New York City has implemented a program to encourage construction of "micro-apartments" in the Big Apple, where rents are exorbitant and the number of singles is on the rise.
| Jul 19, 2012
NRCA: Roofing insulation performance, local climate keys to computing R-value
To minimize the loss of thermal resistance in design, the R-value of roof insulation should be computed based on the actual performance of the insulation material and the local climate, says the National Roofing Contractors Association.
| Jul 16, 2012
Business school goes for maximum vision, transparency, and safety with fire rated glass
Architects were able to create a 2-hour exit enclosure/stairwell that provided vision and maximum fire safety using fire rated glazing that seamlessly matched the look of other non-rated glazing systems.
| Jul 12, 2012
Federal budget chief to explain impact of pending defense cuts before Congress
Office of Management and Budget Director Jeffrey Zients is scheduled to testify before the House Armed Services Committee Aug. 1 to explain the possible effects of $500 billion in defense cuts on U.S. companies, including those in the design and construction industry.
| Jul 12, 2012
Pennsylvania legislature moves to prevent undocumented workers on public construction projects
Legislation to prevent undocumented workers from being hired by construction companies working on state-funded projects passed the Pennsylvania Legislature.
| Jul 12, 2012
New York’s One Bryant Park Bank of America tower is first new high-rise to achieve LEED Platinum
The new One Bryant Park Bank of America tower in midtown Manhattan is the first new commercial high-rise to achieve LEED Platinum certification.
| Jul 12, 2012
OSHA launches campaign to prevent heat illness
The Occupational Safety and Health Administration has launched its 2012 Heat Illness Prevention Campaign to educate employees and their employers about the hazards of working outdoors in heat, and how to prevent heat-related illnesses.
| Jul 12, 2012
Contractors have increasing concerns over new federal hiring quotas
A proposed rule by the U.S. Department of Labor's Office of Federal Contract Compliance Programs to increase disabled- and veteran-worker hiring quotas for federal contractors continues to raise deep concerns among contractors.
