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North The Indian Eye

AMERICANNewsline

16 JUNE 21, 2024

Mayor Adams Administration Implements

Critical Tools to Address Housing Crisis

Part of Ongoing Effort by Adams Administration to Achieve Moonshot Goal

of 500,000 New Homes Over Next Decade

OUR BUREAU
New York, NY
ew York City Mayor Eric Adams and New
York City Department of Housing Preser-
Nvation and Development (HPD) Commis-
sioner Adolfo Carrión today announced the imple-
mentation of two critically-needed tools to address
the city’s housing crisis. The tools — secured as
part of the Adams administration’s successful ad-
vocacy in Albany this session — will incentivize
the construction of multifamily rental construc-
tion through a new program called “Affordable
Neighborhoods for New Yorkers” (485-x), which
replaces the previous 421-a (16) tool, extends the
421-a (16) deadline for projects already underway,
and creates a program to incentivize conversion of
commercial buildings to affordable homes. The im-
plementation of these tools — paired with the most liver for working families.” projects that participate in the extension.
pro-housing updates in the history of the city’s “As New Yorkers deal with rising rents due to The “Affordable Housing from Commercial
zoning code through the administration’s “City a historic low in available homes, we must imple- Conversion Tax Incentive Benefit” (467-m) pro-
of Yes for Housing Opportunity” proposal — will ment every possible tool to build more housing. gram will also be implemented by HPD. Last week,
help meet demand for new housing and get clos- Our administration’s rapid implementation of the city released information including an expres-
er to reaching Mayor Adams’ “moonshot” goal of these new tools will not only deliver the homes sion of interest form and guidance to inform the
500,000 new homes by 2032. New Yorkers need, but ones they can afford,” said establishment of a project’s commencement date.
“To meet the challenge of our housing crisis, New York City Executive Director of Housing Lei- The tax exemption benefit size was structured to
we need to use every tool in toolbox to complete la Bozorg. “I am grateful to the incredible public encourage owners to start construction quickly to
one simple task: build more,” said Mayor Adams. servants at the Department of Housing Preserva- meet the urgency of the housing crisis.
“The implementation of these new tools in such a tion and Development and the Housing Develop- The majority of underused office space is lo-
short amount of time is another example of the ment Corporation for their fast, thoughtful, and cated in Manhattan below 96th Street, known as
rapid pace in which our administration is moving tireless work to address our housing crisis and de- the Manhattan Prime District. This includes many
to deliver affordable housing faster, smarter, and liver for New Yorkers.” neighborhoods with higher-than-average rents, ex-
more effectively. But we are not stopping there. “Today’s announcement represents an essen- tremely low rental vacancies, and particularly ex-
‘City of Yes for Housing Opportunity’ is not only tial step in our mission to combat New York City’s pensive construction costs associated with the ar-
the most ambitious zoning reform in our city’s his- unprecedented affordable housing shortage,” said ea’s density. In other words, it iss difficult to build
tory but presents another potential tool to help us New York City Housing Development Corpo- new housing in an area that sorely needs new af-
build our way out of this crisis. Working families ration President Eric Enderlin. “I want to thank fordable apartments, which is why the program of-
need affordable housing now — and we are ready our colleagues in Albany for providing us with the fers the highest tax benefits to conversions in Man-
to answer their call.” resources that will expand the city’s affordable hattan below 96th Street. Regardless of location,
“This year, our partners in Albany gave New production and strengthen our ability to meet the the tax exemption decreases as the program ages.
York City powerful new tools to address the hous- housing needs of New Yorkers.” The Adams administration successfully advo-
ing crisis, and the city is wasting no time in putting For new construction projects that com- cated for new tools in this year’s New York state
them into action,” said Deputy Mayor for Housing, menced construction prior to June 15, 2022, the budget that will spur the creation of urgently need-
Economic Development, and Workforce Maria state budget also extended the completion dead- ed housing. These include: a tax incentive program
Torres-Springer. “The steps we’re taking today will line for qualifying projects seeking 421-a (16) tax to encourage office conversions to create more af-
encourage new, permanently-affordable housing benefits from June 15, 2022 to June 15, 2031. For fordable units, lifting the arbitrary “floor-to-area
across the city and new homeownership opportu- projects that participate in this extension, this ratio” cap that held back affordable housing pro-
nities across the outer boroughs. Our message to change also removed the controversial Options C duction in certain high-demand areas of the city,
New Yorkers is clear: The Adams administration and G, which allowed all affordable units in a proj- and the ability to create a pilot program to legalize
is using every tool to lower housing costs and de- ect to be restricted at up to 130 percent AMI for and make safe basement apartments.

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