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 | Jul 15, 2020
Georgia gives the go-ahead for tall mass timber construction
Standards review scheduled to be completed by July 2021.
Codes and Standards | Jul 15, 2020
Softwood-lumber duties boost expenses amid COVID-19 outbreak
Little hope this year for resolution of trade dispute with Canada.
Codes and Standards | Jul 14, 2020
Metal Construction Assn. releases three EPD updates
Pertain to Metal Composite Materials, Insulated Metal Panels, and Roll Formed Aluminum and Steel Cladding.
Codes and Standards | Jul 13, 2020
5 must reads for the AEC industry today: July 13, 2020
4 technologies for improving building sanitation and tech's ever-evolving impact on the multifamily space.
Codes and Standards | Jul 9, 2020
Funding opportunity for field validation of high-impact building technologies
Dept. of Energy program targets dynamic interactions with electric grid.
Codes and Standards | Jul 8, 2020
Standards for reducing risk of COVID-19 in senior living communities
AIA releases strategies and illustrations for the sector.
Codes and Standards | Jul 6, 2020
Guide presents benefits of public-private partnerships
Discusses process from project conception to construction.
Codes and Standards | Jul 1, 2020
COVID-19 public health guidelines may be downplaying building systems solutions
Emphasis on cleaning surfaces overlooks importance of mechanical infrastructure.
Codes and Standards | Jun 30, 2020
WELL building institute steps up health safety rating for hotels and resorts
Certification body forms advisory group of industry leaders and health experts.
Codes and Standards | Jun 30, 2020
7 must reads for the AEC industry today: June 30, 2020
Affordable housing comes to the Bay Area and this is not the end of cities.
