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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 ...
The measure adopted on the final day of the legislative session allows NYCHA to transfer 25,000 apartments into a publicly owned trust with the ability to issue bonds and borrow money to cover ...
For example, New York state has several such programs. In conjunction with the proposal to build a West Side Stadium in New York City for use by the New York Jets, there was controversy over the proposal by the Mayor, Michael Bloomberg, to use PILOT money from the Jets to help finance the project rather than applying it to other municipal ...
Lander's work in 2003–2005 on Greenpoint-Williamsburg rezoning led to the first New York City inclusionary housing program to create affordable housing in new development outside Manhattan. [17] Lander served on a mayoral taskforce that recommended reforms to the 421-a tax exemption for luxury housing and required that new development in ...
In 2019, the New York Supreme Court ruled in the tenants' favor, since the owner had received benefits under the 421-g tax incentive program, and was thus bound to provide stabilized leases for the tenants.
New York City's Department of Housing Preservation and Development filed court papers to kick a group of mostly Black and Hispanic tenants out of a city program that would allow them to become ...
A staunch critic of the program who sued over the pilot, Rep. Nicole Malliotakis, R-N.Y., thanked Trump and Duffy "for keeping their promise to examine and halt New York City's Congestion Pricing ...
In 1981, The New York Times cited that "city housing officials estimate that 300-some buildings" were in the program. [1] While a building is under 7A, since "rents are going toward repairs, landlords must make tax and mortgage payments from other income during this period."