Court of Appeals affirmed Water Board plan: credits to some, rate hikes for all. The New York City Water Board leases the reservoirs and water and sewage system from the City. Historically, the City tied the rental amount to the sum owed on the City’s water and sewer-related general obligation bonds. In 2003, however, the City began collecting rent above what was owed on the bonds. This increase led to a spike in water rates … <Read More>
Search Results for: Affordable Housing
COMPLETE VIDEO: 154th CityLaw Breakfast & 4th Annual Civic Fame Award Presentation
At this morning’s 154th CityLaw Breakfast & 4th Annual Civic Fame Award Presentation we heard from featured speaker, Errol Louis, Host of Inside City Hall. Louis spoke about bringing changes to housing in the City to promote fair and affordable housing and reduce segregation in neighborhoods and schools.
Construction Begins On Mixed-Use Development In Bronx
One hundred percent affordable buildings will rise in the South Bronx. On April 20, 2018, construction began on two new buildings at La Central in the Bronx. The 1.2 million square-foot development is one of the largest mixed-income projects currently in development in the City. The buildings will be located at 556 and 600 Bergen Avenue.
Mayor Signs Legislation To Extend Rent-Stabilization Laws
Due to City’s low vacancy rate, rent stabilization laws have been extended. On March 27, 2018, Mayor Bill de Blasio signed legislation to extend rent regulation laws for the next three years. The laws will remain in effect until April 1, 2021. State rent stabilization laws continue to be effective when the vacancy rate is below 5%. The City’s vacancy rates are determined and measured by the Housing and Vacancy Survey, which is conducted every … <Read More>
421-a Benefits Suspended for Failure to Comply
Property owners face 421-a suspension for failure to submit Final Certificates of Eligibility. On March 9, 2018, Housing Preservation and Development Commissioner Maria Torres-Springer and Department of Finance Commissioner Jacques Jiha announced the suspension of 421-a benefits to more than 1,700 property owners. The decision to suspend benefits is part of the Housing Preservation and Development and Department of Finance’s initiative to ensure that properties comply with the 421-a application rules. Currently, there is a … <Read More>
State Senate To Provide Exception to Floor Area Ratio Cap for City Residential Buildings
A proposed State bill seeks to give City broad flexibility to increase floor area ratio in residential developments. The New York Senate has introduced bill S6760 by including language in their budget resolution that will amend the State’s Multiple Dwelling Law to provide an exception for the floor area ratio (FAR) cap. Currently, the law provides for a floor area ratio not to exceed 12.0 in New York City. The amendment will introduce language to … <Read More>