Sentences with phrase «percent 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.

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.

Not exact matches

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

The report compares several projects by the de Blasio administration to the Aspen, an early Bloomberg - era development and venture between Ms. Glen and L&M that included half market - rate apartments, and half that were affordable units at either 50 or 130 percent of the city's so - called area median income (currently about $ 86,000 for a family of three).

At Pratt, he led many successful community - planning efforts, as well as campaigns to expand affordable housing and create NYC's «inclusionary zoning» program, which requires developers seeking tax breaks to set aside 20 percent of their units for low and moderate income families and pay a living wage to their service workers.

Last week, the group Sustainable Saratoga introduced a zoning amendment that would require new apartment developments to dedicate at least 20 percent of housing stock to «affordable» units.

Currently it mandates developers who build in rezoned areas of the city pick from one of three options for affordable housing: 25 percent of their units rented to those making, on average, 60 percent of the Area Median Income, 30 percent at 80 percent of the AMI or 30 percent at 120 percent.

Critics note that the current program only requires developers to include affordable units if their buildings are in the «Geographic Exclusion Area» covering less than 17 percent of the five boroughs, and that it costs the city upwards of $ 1.1 billion in foregone revenues.

«But 80 percent of those units are not going to be affordable for the people in the communities where they're being built.»

The modified proposal sets aside 75 percent of the market's ground floor retail space for food - related businesses and also ensures the creation of 150 units of affordable housing at Chelsea's Robert Fulton Houses.

In a statement released Tuesday, Stringer claimed that the new affordable housing units created under the rezoning plan would in fact be unaffordable for 55 percent of East New York's current residents, and that the market rate units would be unaffordable for 84 percent.

Martins» legislation mandates that any developer receiving the 421 - a abatement would have to pay workers the prevailing wage for projects with more than 50 units where less that 50 percent of the units are priced as affordable.

Most of the city's new below - market units, though, will come from 100 percent affordable projects.

The State Assembly in 2007 voted to allow Forest City to take advantage of the controversial 421a program, which gives tax abatements to developers who make 20 percent of their building's units affordable, even though Ratner didn't technically qualify.

The program also played into what de Blasio considers his biggest success yet in forcing developers to include affordable housing; the 1,723 - unit Astoria Cove project along the Queens waterfront, where 27 percent of the units are to be available at below market - rate rents.

Under that proposal, a total of 112 units would be permanently affordable to people making 80 percent of the Area Median Income (AMI) of $ 62,150 per year for a family of three.

Developers of these buildings will also be required to set aside between 25 and 30 percent of units as affordable housing, in accordance with suspended legislation that's been held up in Albany.

The new plan also lowers the threshold for affordable units to those making 40 percent of of the AMI, or approximately $ 31,080 for a family of three, for approximately 71 permanently affordable units.

Committee Chairman David Greenfield noted that the 27 percent of units set aside for below - market rents is the largest affordable housing percentage agreement in city history.

The affordable units will rent at 60 percent of the area median income.

And Queen Councilman Costa Constantinides — backed by Council Speaker Melissa Mark - Viverito and Queens Borough President Melinda Katz — demanded an affordable allotment of 35 percent of the 1,700 new units.

Developers in Manhattan and parts of Brooklyn and Queens are required to set aside 20 percent of newly created housing for «affordable» units while developers elsewhere — roughly 84 percent of the city's landscape — can get the benefit without building any affordable units.

Under MIH, the city estimates that at least 20 to 25 percent of all new residential units in East Harlem will be affordable.

Twenty percent of the rental units included in the current design plan are considered affordable housing, and a 750 - seat school is slated to be included in the development.

But fewer than 15 percent of the units were considered affordable to low - and moderate - income tenants.

In this city, if you take the thirty percent of the people who are homeless and working and give them a real affordable housing unit, I mean a real, low - income affordable housing unit, that's how you reduce the homeless in this city.»

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.

Another option would make 30 percent of units affordable for those making 80 percent AMI — or $ 62,150 for a family of three.

The developers are planning a 23 - story, mixed - use building that will set aside 30 percent of its 355 units as affordable apartments.

Real Affordability for All, the leading coalition opposed to de Blasio's plan, had pushed for another option that would make 30 percent of units affordable to people making 30 percent of AMI.

The New York State Association for Affordable Housing was floating a plan to give a 100 - percent exemption to properties with four or more units for 60 years, in exchange for an undefined amount of affordable housing, according to the Association for Neighborhood and Housing DeAffordable Housing was floating a plan to give a 100 - percent exemption to properties with four or more units for 60 years, in exchange for an undefined amount of affordable housing, according to the Association for Neighborhood and Housing Deaffordable housing, according to the Association for Neighborhood and Housing Development.

Under the mayor's proposal, there were three options developers could choose from, including making 25 percent of the units affordable for those making 60 percent of area median income, or AMI.

The City Council added a fourth option to the plan that would make 20 percent of units affordable for people who make 40 percent of AMI, which would mean an income of $ 34,520 for a family of four.

Although the Council expanded the income levels that the plan would serve by adding an option to make 20 percent of units affordable to people who make 40 percent of area median income — $ 34,520 for a family of four — Amritt maintained that this was still too expensive for some residents of his district, which encompasses Hunts Point and Longwood in the South Bronx.

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.

The developer has also said that 30 percent of the project's units will be affordable.

Ten percent of the affordable housing units will be available to households earning 40 percent of the area median income or below.

Instead of being limited to particular neighborhoods, the requirement that 20 percent of subsidized development units be affordable would apply citywide, and — theoretically — stimulate the building of more below - market units.

The vice chair of the community board's housing committee Xavier Santiago abstained from voting, saying he has asked the developer to set aside 50 percent of the units for affordable housing.

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.

Their revised plan features a shorter building, and also reduces the income cap on affordable units from 80 percent of the Area Median Income (AMI)-- or $ 62,150 per year for a family of three — to 40 percent of AMI, or $ 31,080 for a family of three.

► Developers consider making 25 percent of the units affordable at a lower income range — 60 percent area median income, or $ 48,960 for a three - person family.

Currently, the proposal makes 30 percent of the units permanently affordable, but to those with incomes averaging 80 percent or below the AMI, which is $ 62,250 for a family of three.

Critics long complained that the program only required developers to include affordable units if their buildings are in the «Geographic Exclusion Area» covering less that 17 percent of the five boroughs, and that it cost the city upwards of $ 1.1 billion in foregone revenues.

The city's plan, including Mandatory Inclusionary Housing, would require any new development to set aside at least 25 percent of units as permanently affordable housing.

The proposal would allow landlords who qualified for 421a prior to 2008, when the abatement was last amended, to continue receiving the tax break on half of a building's property tax for another 15 years in exchange for the landlord making 5 percent more of that building's units affordable.

«So we're getting extended affordability, and one of the prices that we're also demanding for that is they give 5 percent more of their units as affordable,» said Vicki Been, commissioner of the Department of Housing Preservation and Development.

Under the city's Mandatory Inclusionary Housing program, the partners would set aside 20, 25 or 30 percent of the units as affordable housing, though they haven't yet decided on which option to take.

Mr. Wright, however, was hazier on the details of how to reconcile such a moratorium with Mayor Bill de Blasio's plan to construct and maintain 200,000 units of affordable housing, which hinges in part on re-zonings and outlays for upper - income construction that devotes 20 percent new units for low - and middle - income earners — a plan Mr. Wright said he was «very much in support of.»

The 421a program was conceived as an incentive for developers to build on unused or underutilized land, and was augmented in 2008 to include a requirement that 20 percent of units receiving the abatement be affordable.