The program provides financial relief during the pandemic for New Yorkers who owe fines and penalties. On December 20, 2021, the Department of Finance announced that its Fine and Interest Reduction Enabling Recovery (FAIRER) Program would be extended through March 20, 2022. The program allows New Yorkers to pay a reduced amount in fines to resolve eligible Environmental Control Board (ECB) judgments. (more…)
One of the buildings designated by the Department of Finance as a primarily residential Class 1 property. Image credit: Office of the New York City Comptroller
The audit report reveals that the misclassification of 140 properties has deprived the City of $1.7 million annually in lost property tax revenue. On February 18, 2016, the Office of the NYC Comptroller publicized the results from its audit of the New York City Department of Finance. The audit sought to investigate whether the Department of Finance had implemented procedures that adequately safeguard against the misclassification of Brooklyn property sites. The Comptroller’s Office and DOF ultimately seem to differ on the definition of “adequate.”
The first session is tonight in Brooklyn, with additional sessions to follow. On February 3, 2023, the NYC Department of Finance announced a citywide series of Notice of Property Value (NOPV) information sessions. Property owners received a Notice of Property Value from Finance in January. The Notice of Property Value provides information about market and assessed value and other relevant information so that owners can review the information ahead of the finalization of the assessment roll in May. (more…)
Renderings of the new co-op buildings that will be part of the Soundview campus, one of the many projects initiated by the City in 2020. Image Credit: NYCHA
The newly financed homes keep New York City on track to meet its goal to provide 300,000 affordable homes by 2026. On February 9, 2021, Mayor Bill de Blasio announced that the City financed the construction and preservation of 29,521 affordable homes in 2020. Fifty-seven percent of the affordable homes financed in 2020 will serve families of three that earn less than $52,000 per year. The city has financed over 177,000 homes through the Housing New York plan since 2014. The city has leveraged over $7.4 billion in city capital subsidy to drive a $39.4 billion investment for the five boroughs. (more…)
Image Credit: NYC HPD
The addition of over 25,000 affordable homes brings the City’s total affordable homes financed since 2014 to over 147,000. On February 3, 2020, the Department of Housing Preservation and Development announced that the City financed 25,889 homes in 2019. Of this number, 15,692 affordable homes were preserved and another 10,197 new affordable homes were financed. (more…)
