The U.S. Congress is currently considering the “Revitalizing Downtowns and Main Streets Act” (the “Act”), legislation aiming to address changes in the post-pandemic real estate market and the nationwide affordable housing...more
The Housing Construction and Community Development Committee is currently considering the Faith-Based Affordable Housing Act (the “Act”), a new law allowing religious corporations or certain religious nonprofit corporations...more
A number of affordable housing components of the New York State Budget Bill are worth calling out for developers, as the moves, along with the hundreds of millions of dollars coming from the state, should spur...more
More Americans than ever are priced out of the housing market and President Biden has outlined steps his administration is taking to increase development of affordable housing.
In the 2024 Economic Report of the...more
The U.S. House of Representatives overwhelmingly passed legislation this week that is predicted to finance hundreds of thousands of affordable housing units, helping New York City and state housing agencies struggling to meet...more
The New York State Association for Affordable Housing (NYSAFAH) and its fellow partners successfully lobbied with the NYS Housing Trust Fund Corporation to modify its standard Housing Trust Fund lease. Section 20 of the...more
Governor Kathy Hochul recently signed legislation authorizing a new tax abatement to promote improvements to affordable housing in New York City. In June 2023, lawmakers in New York State passed the Affordable Housing...more
New York home sellers now must disclose information about flood risk, flood history and flood insurance to potential buyers under legislation recently signed by Gov. Kathy Hochul, further amending the requirements of the...more
9/27/2023
/ Buyers ,
Failure To Disclose ,
FEMA ,
Flood Insurance ,
Flood Maps ,
Flood Zones ,
Flooding ,
National Flood Insurance Program ,
New York ,
Opt-Outs ,
Right To Know ,
SBA ,
Sellers
Governor Kathy Hochul recently signed Executive Order No. 30, entitled “Directing State Agencies, Authorities, and Entities to Prioritize the Allocation of Certain Discretionary Funds to those Localities that Promote the...more
During the waning hours of the 2023 legislative session, New York lawmakers passed the Affordable Housing Rehabilitation Program (the “Program”) to replace the lapsed J-51 tax break that expired on July 1, 2022. Similar to...more
New York amended its Property Condition Disclosure Statement to include the disclosure of indoor mold. This change takes effect today, June 14, 2023, and applies to the sale of residential property, unless the transaction is...more
State Senator Brian Kavanagh and Assembly member Grace Lee are calling for the 2023-2024 New York State budget to include $389 million in funding for the Emergency Rental Assistance Program (“ERAP”). Landlords, public housing...more
On March 6, 2023, the Federal Reserve Bank of New York (the “NY Fed”) released a case study analyzing the results of a survey of 15 managers of private investment vehicles in multifamily affordable housing from across the...more
Two recently adopted pieces of Canadian legislation, the Underused Housing Tax Act and the Prohibition on the Purchase of Residential Property by Non-Canadians Act, may significantly impact United States citizens and other...more
Remote electronic notarization is now permanent in the state of New York, and notaries who register with the Department of State beginning Feb. 1, 2023, and comply with the new rules, will be able to perform electronic...more
On Tuesday January 10, 2023, New York Governor Kathy Hochul announced an ambitious, strategic plan to address New York’s statewide housing shortage. The proposal, called the New York Housing Compact (“Housing Compact”),...more
Lenders need to consider the scope and extent of the Phase I Environmental Site Assessment (“Phase I ESA”) they routinely utilize in connection with the acquisition and financing of real estate projects. The Environmental...more
On March 21, 2020, New York Gov. Andrew Cuomo issued New York Executive Order 202.9, “Continuing Temporary Suspension and Modification of Laws Relating to the Disaster Emergency" (the “Executive Order.”) The Executive Order...more
4/9/2020
/ Banking Sector ,
Banks ,
Borrowers ,
Consumer Lenders ,
Coronavirus/COVID-19 ,
Disaster Relief Fund ,
Executive Orders ,
Governor Cuomo ,
Lenders ,
New York ,
Small Business ,
Small Business Loans
A limited liability company (“LLC”) involved in either the sale or purchase of a one-to-four family dwelling in New York state must now disclose the names and contact information for all managers, owners and agents associated...more