Public comments for: 421-a Rule Amendments

Comments

Comment:
The New York State Association for Affordable Housing (NYSAFAH) is the trade association for New York’s affordable housing industry statewide. Our 300 members include for-profit and nonprofit developers, lenders, investors, attorneys, architects and others active in the financing, construction, and operation of affordable housing. Together, NYSAFAH’s members are responsible for most of the housing built in New York State with federal, state or local subsidies. NYSAFAH thanks the New York City Department of Housing Preservation and Development (HPD) for the opportunity to comment on the proposed amendments to Chapter 6 of Title 28 of the Rules of the City of New York (the “421-a Rules”) to clarify a grandfathering provision that was added in 2008 after State and local legislatures enacted major changes to the 421-a tax exemption program. NYSAFAH requests greater clarity as to how projects facing the expiration of the current 421-a statute in June 2015 will be impacted by the proposed 421-a Rules amendment. As a result of the fast-approaching expiration date, many owners are seeking to vest projects under the current 421-a statute. However, for a variety of reasons, some projects will likely not have an amended building plan accounting for the inclusionary housing bonus and affordability requirements completed in advance of the expiration date. The 421-a Rules amendment should accommodate projects which have received a building permit and commenced construction prior to the June 2015 expiration date but are awaiting determination from HPD on their inclusionary housing bonus. Any additional square footage the project would gain through the inclusionary program should receive the same 421-a benefits as the original as-of-right project. Thank you for your consideration of NYSAFAH’s comments.
Agency: HPD