Defines affordability option D under the affordable neighborhoods for New Yorkers tax incentive

Showing the cosponsors who are on Agora, A to Z. The official record may list more.

• Democratic11

Shown in neutral colors by design; Agora is non-partisan.

◆ The sponsor's argument

Why Andrew Gounardes says this is needed

The Affordable neighborhoods for New Yorkers tax incentive (RPTL § 485-x) was designed to spur development of affordable housing options in New York City. The current structure of "Affordability Option D" requires projects to be developed with an average assessed value of eighty-nine dollars per square foot. With this requirement in place very few projects are eligible and therefore this portion of the program is severely under-utilized. This has been to the detriment of individuals and families who are seeking affordable coops and condos in the outer boroughs. This underutilization also means that individuals and families are hesitant to leave their apartments since there is no path to viable home-ownership which has frozen the turnover of affordable apartments. In order for Affordability Option D to be more fully utilized the aver- age assessed value must be increased, at least modestly in the short term. This increase will make the program more attractive and will make it easier for projects to apply by expanding the assessed value at which eligibility is determined. As currently structured, projects are aban- doned due to the very low cap for eligibility or worse the project never gets off the ground as builders realize that construction is not possi- ble without an abatement.

This is the sponsor's own case for the bill, quoted from their memorandum. It is not Agora's description of what the bill does.