Saturday, October 11, 2014

New Policy: In "80-20" buildings, 20% of apartments could stay permanently affordable

"80-20" buildings are those whose owners got tax breaks or special financing on condition that at least 20% of their rental apartments start out affordable.  Unfortunately, when the tax breaks expire, so does the affordability.  That may change for some of those buildings.
Policy Change Could Benefit New York’s Landlords and Tenants,
NY Times, by Mireya Navarro, Oct. 9, 2014
Excerpt:  In a policy shift that could help New York City retain its existing supply of affordable housing, the state will allow owners of hundreds of mixed-income rental buildings to sell most of their apartments as long as they permanently preserve their low-income rentals or increase their number. 

[see also The Real Deal ]

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