NEW YORK CITY—The wait is over. Legislation to replace 421-a has been passed.
The 2018 state budget—which includes new rules for affordable housing development—has been passed. In addition, the $153.1 billion earmarked for fiscal year 2018 spending is set to include $2.5 billion in funding to advance the creation or preservation of 100,000 affordable and 6,000 supportive housing units.
Under the FY 2018 budget—as part of the new “Affordable New York” Housing program—developers of new residential projects with 300 units or more in certain areas of Manhattan, Brooklyn and Queens would be eligible for a full property tax abatement for 35 years if the project creates a specific number of affordable rental units and meets newly established minimum construction wage requirements.
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
