New York
New York Real Property Tax Exemption Term Sheet
In a new article, Nixon Peabody covers the new Article XI real property tax exemption term sheet from the New York City Department of Housing Preservation and Development (NYC HPD).
New Report on Risk to Affordable Housing from Sea-Level Rise
The National Housing Trust and Climate Central released an analysis evaluating the risk to affordable housing from flooding related to sea-level rise over the next 30 years. The report found, among other items, that the number of affordable rental apartments at risk from coastal flooding and sea-level rise is expected to more than triple during the next three decades.
CDT Closes on a $450 Million NYC Transaction
CDT’s equity investment will help fund substantial rehabilitation of the NYCHA-owned (New York City Housing Authority) buildings and individual units known as the NYCHA Manhattan Megabundle, a 16-site portfolio located throughout Manhattan totaling 1,718 residential units.
Mayor de Blasio Partially Restores HPD Cuts
New York Mayor Bill de Blasio (D) announced restoration of $466 million of housing cuts in FY2021 to the city’s department of Housing Preservation and Development (HPD). Mayor de Blasio’s decision to reverse course and restore HPD’s 2021 capital budget will produce roughly 11,000 units of affordable housing, at a time when those homes are […]
Research Finds Positive Outcomes for Residents in RAD Converted Properties
In a recent issue of Health Affairs focusing on investments in social determinants of health, a new study examined how renovations of a property in Queens, NY that converted through RAD may improve the health of public housing residents.
HUD released the full report, “Examining the Effects of the Rental Assistance Demonstration (RAD) on Children Living in Public Housing in Fresno, California,” which assessed outcomes and the well-being of children living in developments that have undergone rehab and conversion under RAD.
New York Legislature Enacts New Eviction Moratorium
On June 30, 2020 Governor Andrew Cuomo signed into law S. 8192B, which prohibits evicting tenants for unpaid rent accrued between March 7 and the compete reopening of their area, so long as a tenant can prove in court that they experience financial hardship during that period. A judge can still issue a money judgement against the tenant.
New York Governor Signs Executive Order to Expedite Essential Developments
On April 12, 2020, Governor Andrew M. Cuomo signed Executive Order 202.16 to help expedite the formation of essential developments, including affordable housing and homeless shelters.
New York Enacts New Prevailing Wage Requirements with Carve-Outs for Affordable Housing
The New York State Legislature has expanded prevailing wage requirements for “covered projects.” However, there are notable exceptions for affordable and supportive housing.
RED Mortgage Capital Provides Financing for Affordable Apartments in Upstate New York
RED Mortgage Capital (RED) announced that they have provided a $950,000 U.S. Department of Agriculture (USDA)-backed loan for the recently completed New York State Homes and Community Renewal’s (HCR) Walnut Hills Apartments project in Penn Yan, NY.
New York State Court Rules That Exercising an Option to Redeem A Limited Partners’ Interests in a LIHTC Partnership Does Not Trigger a Liquidation Under the Partnership Agreement
On January 7, 2020, Judge Deborah A. Chimes of the New York Supreme Court—Erie County ruled from the bench that a general partner’s election to redeem the limited partners’ interests in a LIHTC partnership did not trigger liquidation provisions under the partnership agreement because the partnership still owned all, or substantially all, of the assets of the partnership.
New Legislation Would Authorize Additional $70 Billion for Public Housing Capital Fund
Representative Nydia Velázquez (D-NY) introduced the Public Housing Emergency Response Act (H.R. 4546), which would authorize an additional $70 billion to HUD’s Public Housing Capital Fund. The bill claims the national public housing capital needs backlog was over $70 billion in April of 2019, including $32 billion for the New York City Housing Authority.
Furman Center Report Concludes NYCHA’s Woes Cannot Be Solved Solely Through Better Management
A new brief from the Furman Center, NYCHA’s Road Ahead: Capital and Operating Budget Needs, Shortfalls, and Plans, reviews how the New York City Housing Authority (NYCHA) plans to address its massive public housing repair needs in the coming years and identified a number of serious potential challenges. “In a 2017 Physical Needs Assessment (PNA), […]