Sentences with phrase «receives abatements»

The rejiggered model will require a set amount of affordable housing in every project citywide receiving the abatement, as de Blasio sought.

Silver was responsible for inserting the tax breaks into the legislation, and Cuomo signed the bill two days after receiving $ 100,000 from Extell, whose One57 was one of the locations receiving an abatement.

Upper East Side Sen. Liz Krueger echoed that the new law — as a state program proposed in the state budget — strips the city's authority to oppose projects that receive the abatement.

«This legislation is critical to ensuring that low - and moderate - income seniors who live on fixed incomes can continue to receive the abatement that they have come to count on,» said Deputy Assembly Speaker Earlene Hooper (D - Hempstead).

They also sought to expand the portion of building units that must be maintained below market rate, to stop allowing condominium projects to receive the abatement, and to extend the life of the benefit.

The liberal mayor crafted his 421a proposal, which would also mandate affordable housing in every new development that receives the abatement, in consultation with the real estate industry.

It was unclear if there would be limits put in place on which condos can receive the abatements, which typically give 25 - year tax breaks in exchange for setting aside 20 percent of each project for affordable apartments.

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.

The bill, sponsored by Senate Housing Committee Chairwoman Catharine Young (R - Cattaraugus), would cost the city nearly $ 2 billion in lost revenue by capping the taxes of building owners who have already received abatements, administration officials said.

Not exact matches

Businesses receiving subsidies such as tax abatements from the city may eventually be covered.

And whereas IDA sales tax abatements typically cover the costs of construction materials and equipment purchased to initially outfit the building, Yahoo will receive the tax exemption on equipment purchases for 20 years.

Construction on One57, the residential luxury toward that received the 421a tax abatement.

He also extolled the virtues of the separate plan he put forward in 2015, which barred all condo projects from receiving the tax abatement.

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.

A 2006 law sponsored by Silver allowed private schools to receive the tax abatements offered to commercial properties in Lower Manhattan.

«Mandating prevailing wages on private housing projects that simply receive a tax abatement is a profoundly damaging precedent,» the groups write.

The luxury tower is estimated to have received at least $ 35 million in 421 - a tax abatements, according to the New York Post.

However, the Marriotts received an 18 - year exemption, with only 15 years of full abatement and three years of partial exemptions.

De Blasio has called for an end to 421a abatements for condos and proposed that projects receiving the benefit should be required to include affordable units within the specific building.

Stuyvesant Town Governor David Paterson's proposal to override the Stuyvesant Town and Peter Cooper Village court decision by allowing units receiving tax abatements to...

Fisher Brothers» project at 78 - 86 Trinity Place became eligible for the abatements, but the developer did not apply for and did not receive them.

receive state grants, while the IDA has granted tax abatements to around half the company's properties in the Corning area.

The regional council has recommended that Corning receive state grants, while the IDA has granted tax abatements to around half the company's properties in the Corning area.

The company's projects, mostly research facilities and manufacturing plants, received $ 30 million in tax breaks between 2009 and 2014 — almost 40 percent of the value of all abatements the IDA gave out in that time.

Cuomo also pushed in the waning days of the just - ended legislative session for a new «prevailing wage» mandate for construction jobs for developments that received the 421 - a tax abatement.

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.

It would extend the length of the abatements from 25 years to 35 years, mandate that all rental projects receiving the subsidy include affordable housing in their project and, like de Blasio's proposal, gives developers three options for affordability.

Two of the buildings are still receiving the J - 51 tax abatement, which expire in the other four buildings in 2008.

He praised Mayor Bill de Blasio's proposal to reform the abatement, which would require all projects receiving the credit across the five boroughs — rather than in just the 16.5 percent of the city in the program's «geographic exclusion area» — to include below - market apartments.

The Independent reports that Faraday has received about $ 605,000 in tax abatement to date, and Hill told the news outlet that abated taxes from the trust fund will be distributed to their original sources.