Tuesday, August 28, 2007

Spitzer signs 421a legislation

Gov. Spitzer signed the 421a legislation on Friday August 24th. Some key provisions are:

-Expansion of the area within which affordable housing must be built to include all Manhattan and more outer borough neighborhoods

-Affordable units must be in the developments themselves -- no off-site certificates allowed

-Special provisions for the Atlantic Yards project, allowing it to claim tax breaks for higher income housing; however, this special treatement may be amended in further legislation

Check out the Pratt Center for Community Development's website for a map and more info: http://www.prattcenter.net/nyc421areform.php.

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