Search
 

New Law Encourages Affordable Construction

NEW YORK CITY-Gov. Spitzer signs a package of bills to reform the 421-a law and better target limited resources to neighborhoods in need of affordable housing.

By Natalie Dolce | Updated on August 27, 2007

(Read more on the multifamily market and more on the debt and equity markets.)

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 The package of bills reform New York’s outdated 421-a law to better target limited resources to neighborhoods in need of affordable housing.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.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.