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
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
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
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