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
Resiliency | Mar 13, 2020
Feds push use of eminent domain to force people out of flood-prone homes
Local officials that don’t comply could lose federal money to combat climate change.
Codes and Standards | Mar 12, 2020
Design guide for sloped glazing and skylights updated for first time in 30 years
Helps with choosing proper glass for non-residential applications.
Codes and Standards | Mar 11, 2020
Two tree species native to the Northeast found suitable for CLT
Eastern white pine and eastern hemlock pass strength testing.
Codes and Standards | Mar 10, 2020
Prescient receives ICC certification for seismic resilience system
Technology suitable for buildings up to 12 stories in earthquake-prone areas.
Codes and Standards | Mar 6, 2020
Design firms creating plans to re-imagine D.C.’s tidal basin
Area including National Mall is facing increased flood risk.
Codes and Standards | Mar 5, 2020
France to mandate all new public buildings be 50% timber or other natural materials
Measure would go into effect by 2022.
Codes and Standards | Mar 4, 2020
American Concrete Institute and Precast/Prestressed Concrete Institute expand partnership
Will collaborate on new code requirements.
Codes and Standards | Mar 3, 2020
Wallcoverings industry releases product scorecards concerning sustainability
Tool adds more transparency to certification.
Codes and Standards | Feb 28, 2020
Bay Area communities struggle with what to do about rising sea level
Policies include sea walls, levies, and relocation.
Codes and Standards | Feb 27, 2020
Cell phones present a safety hazard at job sites
Use of ear buds, headphones banned by some contractors.
