HPD’s Cornerstone Housing Program audited

Comptroller found that HPD was successful in ensuring that the primary housing goals of the Cornerstone Program were met. In 2000, HPD established the Cornerstone Program, a new construction initiative designed to expand private housing and increase the City’s affordable unit housing stock. The primary goals of the Cornerstone Program are two-fold: sell City-owned land, usually for a small fee, to encourage private residential development, and create affordable rental and homeownership units in specific neighborhoods. … <Read More>

New inclusionary zoning yields 536 units

HPD reports that an additional 1,139 affordable units are in the pipeline. At the Trends in New York City Land Use and Development forum co-hosted by the Center for New York City Law, HPD reported a total of 536 affordable units in construction and an added 1,139 units in the application phase as a result of the expanded inclusionary housing provisions.

The inclusionary housing provisions allow developers to increase the floor area of a development … <Read More>

City Comptroller audit faults HPD program

Problems found in HPD’s administration, inspections, audits and cost calculation for tax abatement program. On March 22, 2007, City Comptroller William C. Thompson issued an audit report on the Department of Housing Preservation and Development’s implementation of a tax abatement program, the J-51 Tax Incentive Program. The audit found problems with HPD’s handling of the program, specifically concluding that errors in cost calculations led to improper awards of tax benefits and incorrect fee assessments.

The … <Read More>