New 421-A Tax Abatement
New 421a Tax abatement
The 421a tax abatement program, which grants subsidies to developers who offer affordable units in new buildings, expired in January.
Although New York City’s 421-a tax break expired in January, New York Mayor Bill de Blasio has rolled out a new policy under the program that requires developers to make some of the mandatory affordable units available to individuals currently living in homeless shelters,
In March the City Council passed sweeping changes to the city’s zoning code. The zoning law changes were considered a victory for Mayor Bill de Blasio’s affordable housing plan. Part of the mayor's plan including Mandatory Inclusionary Housing was an important aspect of the mayor's goal to build 80,000 units of affordable housing in the next 10 years.
Prior to the change, the program allows developers who set aside at least 20 percent of the units in their projects at below-market rents to build taller or denser projects than would otherwise be allowed. Half of the 20% of a project’s units reserved for low- to moderate-income tenants were made available through a lottery while the rest were distributed to locals, the elderly, veterans and people with disabilities.
421-A Tax abatement Pros and Cons
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| 50 Riverside Boulevard - 20% Affordable |
Although New York City’s 421-a tax break expired in January, New York Mayor Bill de Blasio has rolled out a new policy under the program that requires developers to make some of the mandatory affordable units available to individuals currently living in homeless shelters,
In March the City Council passed sweeping changes to the city’s zoning code. The zoning law changes were considered a victory for Mayor Bill de Blasio’s affordable housing plan. Part of the mayor's plan including Mandatory Inclusionary Housing was an important aspect of the mayor's goal to build 80,000 units of affordable housing in the next 10 years.
Prior to the change, the program allows developers who set aside at least 20 percent of the units in their projects at below-market rents to build taller or denser projects than would otherwise be allowed. Half of the 20% of a project’s units reserved for low- to moderate-income tenants were made available through a lottery while the rest were distributed to locals, the elderly, veterans and people with disabilities.
421-A Tax abatement Pros and Cons
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