Cuomo, the home builder
Gov. Andrew Cuomo won passage of some key housing initiatives in the recently approved state budget – although critics say the measures should have gotten done months ago. Here are the highlights.
Affordable New York Housing Program
The controversial 421-a tax abatement program was renewed and renamed the Affordable New York Housing Program. Under the program, developers of new residential projects with at least 300 units of affordable housing in certain areas of Manhattan, Brooklyn and Queens that meet construction wage requirements and maintain a set number of affordable rental units for 40 years would qualify for a full property tax abatement for 35 years. For other developments, eligibility will be tied to the number of affordable units. The administration estimates it will create 2,500 affordable units each year.
$2.5 billion for affordable housing
The state budget also allocated $2.5 billion for affordable housing projects, as part of a $20 billion five-year plan. The funding aims to create or preserve 100,000 affordable housing units and 6,000 supportive housing units. Among the more expensive spending items are:
Sources: Cuomo administration, Supportive Housing Network of New York.