HPD Commissioner Been, others testify on effectiveness of the program. On January 29, 2015 the City Council Committee on Housing and Buildings held an oversight hearing on the 421-a tax benefit program. The program, established in 1971 by the New York State Legislature, was designed to spur residential development of underused land by granting a property tax reduction to developers for a period of ten to twenty-five years, with an objective of increasing affordable housing … <Read More>
Search Results for: 421-a Tax Exemption
City Planning Hears Application for New Mixed-Use Building in Belmont
The building would be the first to offer inclusionary housing along this section of East Fordham Road. On January 5, 2022, the City Planning Commission held a public hearing for a special permit application for 660 East Fordham Road that would facilitate the construction of an eleven-story mixed use commercial and residential building in the Belmont section of the Bronx. The current site features a parking lot, and one-story underused commercial space, including a vacant … <Read More>
Subcommittee Hears Testimony on Development Adjacent to Transmitter Park
Zoning Subcommittee heard testimony on proposed eleven-story tower to abut WNYC Transmitter Park in Brooklyn’s Greenpoint neighborhood. On May 16, 2017, the City Council’s Zoning Subcommittee heard testimony regarding an application submitted by Kent/Greenpoint, LLC, to develop an eleven-story mixed-use building in Brooklyn’s Greenpoint neighborhood. The applicant sought to amend bulk regulations related to the location of legal windows, landscaping requirements for off-street parking and minimum street wall heights in order to orientate the massing … <Read More>
Mayor Pushes New Plan to Combat Homelessness
Mayor’s new homelessness plan includes broad reforms in current systems and the replacement of 360 shelter cluster sites with 90 new shelters citywide. On February 28, 2017, the Mayor’s Office released a 128-page report entitled “Turning the Tide on Homelessness.” The report outlines the steps the administration will take going forward to better combat the rising homeless crisis in New York City.
New York State Assembly Housing Committee Chair Keith Wright Proposes Bill to Subsidize Affordable and Senior Housing
The bill seeks to fill the gap left open by the expiration of 421-a, the decades-old tax exemption program that expired on January 1, 2016. On March 15, 2016, New York State Assembly Housing Committee Chair Keith Wright, who represents Manhattan, introduced Assembly bill A9537, which would provide for new, taxpayer-funded affordable housing subsidies and job training programs. If enacted, the bill would incentivize the construction of affordable housing and affordable senior housing through subsidies, … <Read More>
City Council Subcommittee Holds Hearing on Mayor’s Mandatory Inclusionary Housing Proposal
Hard-hitting questions from several Council members explored ways affordable housing could be provided at deeper levels of affordability. On February 9, 2016, the City Council Subcommittee on Zoning and Franchises held a public hearing on Mayor Bill de Blasio’s Mandatory Inclusionary Housing proposal. The hearing was held in the City Council Chambers in City Hall to accommodate the capacity audience.