New 421A Program
There is a new 421A program that recently became approved in the state’s budget. It is actually called Affordable New York Housing Program and it will be in effect until 2022.
It’s going to give developers up to 35 years of tax abatement. What does the public get in return for that? The city is expecting 2500 units a year of affordable housing.
The other thing it will do is it will guarantee certain wages for the construction workers. Between $45- $60 per hour depending upon the size of the project and the location. Ultimately it is a great win for everybody.