The suspension from the affordable tax program is the result of property owners failing to complete necessary forms.
Hallets Cove is back, with plans to bring seven buildings and 2,400 apartments to Astoria.
Developers will still get a city tax break in return for building lower-price rental units
After failing to reach a consensus before the April 1 deadline this year, Governor Andrew Cuomo and state legislators finally came to an agreement Friday.
The agreement strongly resembles the "Affordable New York" proposal put forth by Governor Cuomo early this year.
In this newest proposal, buildings outside of Manhattan with up to 80 condos would be eligible for tax break program, which is an increase from the 35 units that Governor Andrew Cuomo had proposed in January.
A new study by the Independent Budget Office finds that up to $2.8B has been squandered since 2005.
On Sunday, Cuomo’s office sent off this new bill to the state legislature for their approval, and with that missive they announced that the program will henceforth be known as "Affordable New York."
Almost a year after it expired, developers and construction workers have finally come to an agreement to extend the 421-a tax exemption program, often seen as a bedrock measure to encourage developers to include affordable units in their projects.
Under this new policy, half of the community preference units will now be set aside for people living in homeless shelters. As you can imagine, developers weren’t too thrilled by this relatively hush hush announcement.
It appears that Governor Andrew Cuomo, developers, and workers unions are in the midst of closed-door negotiations to hammer out a final proposal to renew the program, which has seen the city lose over $1.2 billion in revenue this year.
For more than 40 years, the 421-a program gave developers tax incentives to build affordable housing, but it expired in January. Now, Governor Cuomo is attempting to broker a deal that would bring it back, in some form.
the impact on such mixed-income projects following the expiration of 421-a has been feared by many real estate analysts for some time now. Yet another project in the neighborhood to be affected by it was the Hallets Point megaproject.
With the legislative session poised to end on June 16, the State Senate’s rules committee has advanced a compromise for 421-a. Not all those affected by the proposal are happy about it.
The program, which spurred development in the city for decades, expired in January and no renewal agreement has been reached.
It's only been a couple of days since the zoning proposals were approved, but already real estate lawyers are doubting the program's effectiveness due to the lack of tax incentives for developers to build projects with affordable housing.
Meanwhile, a big spike occurred ahead of the expiration of 421-a.