New Law Encourages Affordable Construction

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NEW YORK CITY-Gov. Eliot Spitzer has signed bills that will encourage housing construction throughout the city, with an emphasis on the construction of affordable housing. The package of bills reform New York’s outdated 421-a law to better target limited resources to neighborhoods in need of affordable housing.

“This legislation will allow New York City to target its limited tax abatement resources to more effectively promote the construction of affordable housing in the neighborhoods that need it most,” Spitzer says in a prepared statement. “This reformed law will build on our efforts to solve the housing crisis that has pushed too many working New Yorkers out of the middle class and prevented those struggling New Yorkers from climbing up into economic security.”