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    Comptroller Stringer Releases Plan to Address City’s Affordable Housing Problems

    Affordable Housing  •  Citywide

    Comptroller Stringer announces plan to address City’s growing affordable housing crisis. Image Credit: Susan Watts/Office of New York City Comptroller

    Universal Affordable Housing would require 25 percent permanently low-income affordable housing in all new development with ten or more units. On January 29, 2020, New York City Comptroller Scott M. Stringer announced a citywide housing strategy to fundamentally realign the City’s approach to the housing crisis. The strategy, coined Housing We Need, will include a universal requirement for 25 percent permanently low-income affordable housing in all as-of-right developments with at least ten units. (read more…)

    Tags : 421-a, affordable housing, City Comptroller Scott Stringer, tax subsidies
    Date:02/14/2020
    Category : Comptroller's Office
    (2) Comment

    421-a Benefits Suspended for Failure to Comply

    421-a Tax Exemption  •  Citywide

    NYC HPD

    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 total of 11,022 apartments that are not in compliance with 421-a rules. These owners’ 421-a benefits represent $66 million in tax revenue for 2018. (read more…)

    Tags : 421-a, Department of Finance, Housing Preservation and Development, tax exemption
    Date:04/05/2018
    Category : Housing Preservation & Development
    (1) Comment

    421-a Property Tax Process Renewed

    Agency News  •  Citywide

    NYC HPD

    The revised Section 421-a offers new opportunities for affordable housing. The 421-a property tax exemption began in 1971 as an incentive for developers to develop badly needed housing in New York City. When the real estate market rebounded in the 80s, the program was amended to condition tax abatements on the construction of affordable housing units. The program expired in June 2016. In its place, the State Legislature passed the “Affordable New York” program in 2017. (read more…)

    Tags : 421-a, housing, New York City Property Tax, property tax, RPTL 421-a
    Date:03/07/2018
    Category : CityLaw
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    City Officials Agree to Tougher 421-a Enforcement

    421-a Tax Exemptions  •  Citywide

    421-a enforcementThe 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. (read more…)

    Tags : 421-a, Council Member Jumaane D. Williams, Council Member Stephen Levin, Department of Finance, Department of Housing Preservation and Development, NYC Public Advocate Letitia James
    Date:11/30/2016
    Category : City Council
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    New York State Assembly Housing Committee Chair Keith Wright Proposes Bill to Subsidize Affordable and Senior Housing

    Affordable Housing  •  Citywide
    New York State Assembly Housing Committee Chair Keith Wright. Image credit: The Office of Assembly Member Keith Wright

    New York State Assembly Housing Committee Chair Keith Wright. Image credit: The Office of Assembly Member Keith Wright

    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, rather than tax exemptions.

    (read more…)

    Tags : 421-a, affordable housing, Assembly Member Keith Wright, legislation, New York State Assembly, New York State Assembly Housing Committee, RPTL 421-a
    Date:03/31/2016
    Category : New York State Senate
    Leave a Comment

    HPD Proposes to Implement Extension of Existing 421-a Affordable Housing Tax Abatement Program

    Agency Rule  •  Citywide

    HPD brought charges of tenant harassment against an Aimco-owned building in the Upper West Side. Image credit: HPD

    The “421-a Extended Affordability Program Rules” would provide a 10 to 15 year extension to eligible buildings enrolled in the program prior to its expiration. On March 14, 2016, the Department of Housing Preservation and Development proposed two agency rules to extend the 421-a real property tax exemption program for those who already had been benefiting from the program prior to its expiration in June 2015. The State authorized HPD to promulgate the new rules via State Law from June 26, 2015.

    (read more…)

    Tags : 421-a, affordable housing, RPTL 421-a
    Date:03/29/2016
    Category : Uncategorized
    Leave a Comment
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