New Laws Promote More Housing, Extend Tax Abatements

NEW YORK CITY-Governor George Pataki signed two bills into law that are designed to spur the construction of new apartment buildings and extend tax abatements for eligible commercial properties throughout New York City. The governor says the laws will help the Lower Manhattan area.

The first new law amends the Private Housing Finance Law (PHFL) to let the city provide low-interest loans for apartment construction on privately owned property, while the second new law authorizes the City to extend the benefit and eligibility periods for two tax abatement programs for eligible commercial properties.<P “This is critical for Downtown and for all of New York City,” says Marolyn Davenport, REBNY senior vice president. “Thousands of housing has been created.”

New York City’s Participatory Loan program was established in the mid-1970s to reverse neighborhood deterioration by combining the City’s low-interest capital loans with money from private lenders to rehabilitate housing.