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It was signed into law in 1955 as the Limited-Profit Housing Companies Law. [2] [3] It was later recodified as article II of the 1961 Private Housing Finance Law.[7] [8] Article II Limited-Profit Housing Companies refer to not-for-profit corporations, whereas article IV Limited Dividend Housing Companies refer to non-Mitchell–Lama affordable housing organized since 1927 as business ...
The 421-a tax exemption is a property tax exemption in the U.S. state of New York that is given to real-estate developers for building new multifamily residential housing buildings in New York City. As currently written, the program also focuses on promoting affordable housing in the most densely populated areas of New York City. The exemption ...
East New York: 19 8 and 14 1,586 June 30, 1958: Long Island Baptist Houses: East New York: 4 6 233 June 30, 1981: Louis Heaton Pink Houses: East New York: 22 8 1,500 September 30, 1959: Marcus Garvey Houses Brownsville: 3 6 and 14 321 February 28, 1975: Marcy Houses: Bedford-Stuyvesant: 27 6 1,705 January 19, 1949: Marcy-Greene Avs. Houses ...
The development's tax assessment was reduced by two-thirds to bring the monthly room rental down to the $12.50 stipulated by the RFC. Because the average rental before construction of the development had been about $5 a room, Knickerbocker Village no longer served the same low-income families that had lived in the "Lung Block" housing. [5]
Under this law, the city of New York is able to sell buildings directly to tenant or community groups to provide low-income housing. Many HDFCs were created through a process of co-op conversion of a foreclosed, city-owned property. As of 2008, over 1,000 HDFC cooperatives have been developed in the city. [1]
Lindsay Park is a housing cooperative located in the East Williamsburg neighborhood of Brooklyn in New York City. The cooperative is part of the Mitchell-Lama Housing Program, through which the state of New York grants it tax exemptions to maintain affordability. [1] With 2702 units, it is the largest Mitchell-Lama co-op in Brooklyn.
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