Sentences with phrase «half of its affordable units»

«Getting rid of cluster sites actually achieves two things — it gives places for families that are homeless to have services available to them, and it gives us back some of these affordable units that are so incredibly necessary,» said State Senator Gustavo Rivera.

Each eligible project will get the same 35 years of benefits, except that the last 10 years of such benefits will be based upon each project's specific percentage of affordable units.»

Locals packed into the Brownsville Multi-Service Center for the standing - room only meeting with city officials, voicing concerns with the mayor's manifesto to bring thousands of affordable units to the neighborhood.

City officials, community groups and developers are fighting over the number of affordable units.

Cuomo announced he will advance legislation codifying into state law an agreement between organized labor and developers on a lucrative tax incentive program for developments that include a certain percentage of affordable units in New York City.

«We would not have build thousands and thousands of affordable units of housing in the city of New York if we didn't have the 421 - a program,» Klein said.

The correspondence moves forward the possibility that developers will use more union labor on the construction of affordable units.

The plan has been resisted by many housing advocate groups, who argue that it would impede building financing and result in a lower number of affordable units.

MIH mandates that a percentage of affordable units built in rezoned neighborhoods must be affordable to households of certain earnings - for example, one option sets aside 20 % of units for those earning an average of 40 % of AMI, or about $ 31,00 for a family of three.

The rezoning proposal calls for a minimum of 20 percent of affordable units to be set aside for tenants earning 30 percent of the area median income or less.

The exact percentage of affordable units is then hammered out between the administration, the City Council and the developer during the Uniform Land Use Review Procedure, a lengthy negotiation that occurs mostly behind closed doors.

Quinn also presided over the council's approval of Bloomberg's Willets Point redevelopment in exchange for more affordable housing — delivering a higher percentage of affordable units than initially planned, though far less than opponents sought.

That much - desired increased abatement period comes in exchange for developers upping the amount of affordable units they're setting aside from 20 percent to 25 percent or 30 percent.

«We have taken hundreds of thousands of affordable units off the rent rolls and made them into luxury housing,» said Silver.

In addition, the deal would tinker with the third option, reducing the income bracket to an average of 115 percent of the AMI, and requiring that the developer price one - sixth of the affordable units for families making 70 percent of the AMI, and another six for families making 90 percent.

De Blasio also wants to raise the percentage of affordable units to 25 or 30 percent, and he's proposed that Albany impose a «mansion tax» on condos, co-ops, and homes that sell for more than $ 1.7 million.

«As our city faces a crisis in affordable housing, it is shocking that a city - run program is allowing hundreds of affordable units to remain vacant,» she said in a statement.

Members said the rezoning plan is the first that has come before the community board since the approval of the city's Mandatory Inclusionary Housing plan, which requires developers to include a portion of affordable units in some new construction.

BROOKLYN — The city's plan to rezone East New York in an effort to bring thousands of affordable units to the neighborhood is «not the trigger for displacement» but is instead aimed at preventing locals from leaving, according to the head of the city's Department of Housing Preservation and Development.

The new development would fall under the city's new Mandatory Inclusionary Housing program, which requires developers to include a portion of affordable units in some new construction.

Meanhwile, Mayor Bill de Blasio has proposed a set of reforms, which includes applying the tax break only to rental buildings and implementing a mandatory 25 to 30 percent of affordable units.

Three weeks ago, De Blasio and the Real Estate Board of New York agreed on a proposal that would extend the program while demanding that developers set aside a percentage of affordable units in buildings that receive the benefit.

All of the affordable units have been sold.

have affordable housing ordinances, there's a long tradition of Jersey towns evading their responsibility through a loophole in state statute that allows municipalities to enter into Regional Contribution Agreements that let them pay off another town to take its share of affordable units.

It is also possible to mandate that new construction include a certain portion of affordable units; in California, municipalities are required to include planning for affordable housing in their zoning laws.

Rent numbers won't be finalized until the time of the affordable unit lottery, Monadnock Development says, but rent in the 22 units can not exceed more than 30 percent of the residents» annual income.

A June ballot measure will give San Francisco voters a chance to increase from 12 percent to 25 percent the share of affordable units that developers must include in market - rate construction.

Since taking office, Barry has earmarked $ 10 million in city money to encourage the construction of affordable units and pioneered a program to donate vacant city - owned land to non-profit developers.

Below highlights notable programs with the greatest number of affordable units at risk:

The lack of affordable units and record deliveries are dampening growth, although healthy fundamentals and the potential for economic improvement are drawing developers and investors alike.

The report found a significant drop in the percentage of affordable units in seven of the nine states where Freddie Mac financed the most rental units.

Growth in the Gap between the Number of Low - Income Renters and the Supply of Affordable Units «For many low - income families, the rental housing affordability crisis is like a game of musical chairs in which there is never a chair left for them,» said Chris Herbert, Research Director at the Harvard Joint Center for Housing Studies.

Not exact matches

We make the most of available government programs and incentives to create affordable units, even as we provide a return to our social impact financial partners.

As businesses and individual customers gravitate toward really expensive units or affordable desktop models, these factors combined are raising the average selling price of industrial systems.

This lack of suitable housing led to the creation of the Alley Dwelling Authority in 1934, a federal housing agency that built affordable and sanitary housing units.

The most pressing matter is the construction of hundreds of units of affordable housing.

In 2016, her team financed the construction and rehabilitation of 14,000 affordable housing units for low - income families and seniors in over 90 US cities.

There's no one universal model for these policies, but they generally involve one of two things: a requirement that developers either make a certain percentage of their housing units available at below - market rates, or that has them pay a fee into a fund for affordable housing.

«There's a lot of literature that shows a lot of the time these fees don't result in a ton of units and that it's not the best way to address the affordable housing crisis.

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And most of all, don't increase those Affordable Housing Opportunity Fund fees developers would pay for opting out of building affordaAffordable Housing Opportunity Fund fees developers would pay for opting out of building affordableaffordable units.

Mayor Rahm Emanuel believes it will help produce as many as 1,200 affordable units over that span of years.

In the government's press release about BCHP, they highlighted their $ 855 million commitment to build 4,900 desperately needed units of affordable housing.

By making sophisticated, affordable, and hard - to - find phones (Lei limits the number of units he makes), Xiaomi has developed a cult - like following.

The reservation of 100 units of Tesla's all - electric truck represents the largest pre-order to date, a significant milestone for the Silicon Valley - based company who's looking to disrupt the commercial trucking industry with more affordable and environmentally conscious transportation.

Seattle's goal is to raise $ 75 million from taxes, three - fourths of which will be used to build 1,800 affordable housing units in the city.

The units are affordable for those earning no more than 60 percent of the area median income.

Whereas bitcoin has struggled with mainstream adoption as a unit of transaction, Litecoin appears to be making faster progress in terms of transaction speed and affordable fees.

The developers of Pacific Park face some risk; the amended development agreement imposes a 2025 deadline for 2,250 affordable housing units, nearly 1,470 of which remain to be built.