Sentences with phrase «of affordable units»

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

«I have always been a strong supporter of affordable housing, and have shown that commitment by building and authorizing thousands of affordable units in my district,» Van Bramer told The Real Deal in a statement.

«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 program is expected to double the number of affordable units built from 12,400 to more than 25,000 over the coming decade, de Blasio said.

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.

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.

Mark - Viverito said she was pleased that the East Harlem rezoning proposal passed the Council, after community feedback encouraged the city to reduce height and density for new buildings and increase the amount of affordable units.

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.

In addition, it tweaks 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.

The philosophy is that if the city grants builders the benefit of a rezoning, which is essentially the permission to create more lucrative rental housing than would otherwise be allowed, those developers must create more below - market - rate housing to help ease the city's shortage of affordable units.

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

Fair housing group the Anti-Discrimination Center is suing the de Blasio administration, claiming that the city's practice of reserving half of its affordable units in housing lotteries for those from local community districts is discriminatory.

«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.

The proposal has embodied the disconnect between a developer and the public — the borough president, community board and residents — over the allotment of affordable units.

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.

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.

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.

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.

While there are government programs to facilitate the new construction of affordable units (affordable at less than 60 percent of area median income (AMI)-RRB- as well as the use of rental subsidies for the lowest income households, they are insufficient to meet the demand.

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.

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.

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.

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.

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.

«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.»

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

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.

Mayor Bill de Blasio's plan to bring thousands of affordable units to the neighborhood left many residents dissatisfied with the city's outreach attempts.

ZQA raises building heights in some areas and eliminated some parking requirements to facilitate more senior housing, and MIH will require some new construction to have a portion of affordable units.

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.

A member of GOLES and president of the Cherry Street Tenants Association, Leung said he would like to see a somewhat higher percentage of affordable units (55 - 60 %).

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.

All of the affordable units have been sold.

One of SFAR's primary goals this year is to work with local officials on a program to fast - track the permitting process for residential developments that will deliver a certain percentage of affordable units.

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.

Outdated rent laws and loopholes have allowed thousands of affordable units to exit rent stabilization each year.