A long-standing feature of American tax policy is the exemption granted to nonprofit organizations, the largest of which is the exemption from local property taxes. The exemption, with origins back to the 18th century, is widespread. Among the 50 states, 17 state constitutions mandate property tax exemptions for charitable organizations, 25 authorize the legislature to give exemptions, and eight do not address the issue. New York State establishes two classes of exemptions for nonprofits: … <Read More>
Search Results for: Rent Subsidies
CPC Approves New Through-Block Building in Ladies’ Mile
Permit allows construction of building and an underground parking garage. On February 4, 2015 the City Planning Commission approved a special permit application by 7 West 21 LLC for the construction of an eighteen-story mixed-use building at 7 West 21st Street in the Ladies’ Mile Historic District of Manhattan. The building will feature 300 units of rental housing, 8,000 square feet of ground-floor retail, and a 200-space underground parking garage. The Commission held a … <Read More>
City Council Holds Oversight Hearing on 421-a Program
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>
Astoria Cove Developers Testify Before City Council
Council Members questioned the developers on the project’s affordability and use of union labor. On October 20, 2014 the City Council Subcommittee on Zoning and Franchises held a public hearing on the proposed Astoria Cove development project. The project, which would create a new mixed-use development of 1,700 apartments, commercial space, a school, a supermarket, and parks, was approved by the City Planning Commission over opposition by both Queens Community Board 1 and Queens Borough … <Read More>
City Council to Hold Hearings on Controversial Astoria Cove Proposal
The project was approved by City Planning despite opposition from the Community Board, Borough President, and the local Council Member. On October 20, 2014 the City Council Subcommittee on Zoning and Franchises will hold hearings on the proposed Astoria Cove mixed-use development project. The project, designed by Alma Realty, is the first project subject to Mayor de Blasio’s mandatory inclusionary zoning housing requirement. Despite the requirement, the project has faced opposition from community … <Read More>
Weisbrod Highlights East New York as Test for Affordable Housing
At the CityLaw Breakfast on September 5, 2014, Carl Weisbrod laid out the De Blasio Administration’s housing policy. As was widely reported, the City will look to implement mandatory inclusionary housing on all City-sponsored rezonings. One of the first tests of this new policy is the privately sponsored Astoria Cove development in Queens, where an affordable component will likely be required if approved under ULURP.