Governor’s 485-w proposal replacement for current affordable housing tax breaks (New York: rental, neighborhoods)

[Gilmoregal]

If you scroll down to the Affordable Neighborhoods for New Yorkers section of the article it explains their plan:
https://comptroller.nyc.gov/reports/...way-than-421a/

"The 2022 proposal retains the structure of the current option A for rental developments with 30 units or more, lowering the income restriction for 5% of the units from 130% of AMI to 80%. For rental developments with less than 30 units, the 2022 proposal envisions that 20% of the units are available for incomes up to 90% of AMI. Finally, the proposal includes a homeownership component that limits initial and subsequent resales for the first 40 years to buyers with incomes at 130% of AMI. In the case of rental buildings, tax exemptions are full for 25 years and equal to the share of income-restricted units for 10 additional years. Homeownership developments would receive 40 years of full tax exemption. Table 4 below summarizes the main provisions."

It also compares the options these developers have in the current 421a (posted about that in this thread here:https://www.city-data.com/forum/new-...ges-their.html ) to the new proposed one.

Another good article : https://www.google.com/amp/s/www.nyd...tputType%3Damp

“ Under the governor’s proposal, new buildings participating in the program would have to include units for New Yorkers earning at most between $85,920 and $96,600 a year for a family of three, and an average of around $60,000 for a family of three. The previous program allowed for “affordable” housing to include those making up to $139,000 for a family of three.”

[Vanta B]

So they’re basically cutting out 130 AMI? When would this go into effect?

[Gilmoregal]

Originally Posted by Vanta B

So they’re basically cutting out 130 AMI? When would this go into effect?

That's kind of what I'm taking away from it but with the new AMI that is coming out what is considered 130AMI right now (income wise) will most likely be 80AMI.

So anyone who is in the 130AMI right now will still be able to apply, just a lower percentage to make room for the lower AMIs that they will now be including more of. But yeah I guess they wana abolish the 130AMI

The current one is expiring in June and they have until December to finalize this draft they have. So most likely next year

[Gilmoregal]

The current 421a expired today very curious as to what will replace it. If it’s anything close to what’s been drafted its a step in the right direction imo