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
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
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
The U.S. Army Corps of Engineers (“Corps”) and the U.S. Environmental Protection Agency (“EPA”) have adopted a final rule re-defining the scope of the “waters of the United States” (“WOTUS Final Rule”) subject to federal...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
The 421-a tax exemption and rent stabilization program, also known as the affordable housing tax break, which affords real estate developers a tax break in developing affordable housing in New York City, has expired as of...more