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 | Aug 7, 2019
Illinois law makes all single-occupancy restrooms gender-neutral
All must comply by January 1.
Codes and Standards | Aug 6, 2019
New technology, aligning training with local trends among keys to workforce development
Construction industry must also invest in training, recruiting high school students.
Codes and Standards | Aug 1, 2019
Planners, city official rethink parking requirements on new projects
Reducing number of parking spots frees up land for ‘more purposeful’ uses.
Codes and Standards | Jul 31, 2019
USGBC-LA chooses first ‘Net Zero Accelerator’ technologies
Wide range of solutions address numerous environmental challenges.
Codes and Standards | Jul 30, 2019
Solar brokerage will provide financing for small/medium businesses
First to fund solar for smaller-scale commercial operations.
Codes and Standards | Jul 29, 2019
ASCE group unveils structural safety database
Confidential reporting on structural failures, near misses, and other incidents.
Codes and Standards | Jul 26, 2019
Floating landscape infrastructure wins top ASCE innovation prize
Climate resiliency a key theme of entrants.
Codes and Standards | Jul 24, 2019
New York making slow progress on resiliency seven years after Hurricane Sandy
Property owners face many challenges; coastal defense project plans are complex and need more time to plan.
Codes and Standards | Jul 23, 2019
Berkeley, Calif. passes nation’s first ordinance to make new buildings all-electric
No gas hook-ups will be allowed in new houses, apartments, and commercial buildings.
Codes and Standards | Jul 22, 2019
San Francisco office building is city’s first structure certified by BREEAM USA for existing buildings
The Landmark @ One Market is one of San Francisco’s most architecturally distinctive buildings.