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>
Search Results for: Tax Exemption
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.
City Officials Agree to Tougher 421-a Enforcement
The City Council, Public Advocate and administration officials agree that new measures should be taken to ensure 421-a compliance, proposed legislation is a good start. On November 22, 2016, the City Council’s Committee on Housing and Buildings and Committee on Finance held a joint hearing on the City’s enforcement of 421-a requirements. The meeting also served as a public hearing for three proposed bills to strengthen enforcement efforts.
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>
Rent Stabilization: Preserving Low and Middle-Income Housing
Rent regulation is not a new issue for New York City. But the headlines in June 2015 were far larger and the reactions more contentious than at any time in recent memory. For the first time in its 46-year history, the Rent Guidelines Board decided that there would be no increase in rents for one-year renewals on rent-stabilized apartments; it also limited increases on two year renewals to two-percent. Not surprisingly, tenants hailed the decision … <Read More>