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Old 12-23-2012, 09:51 AM
 
Location: New York State
287 posts, read 594,196 times
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Old 12-23-2012, 09:52 AM
 
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Quote:
Originally Posted by Libertarian1776 View Post
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Housing Preservation and Development
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Old 12-25-2012, 06:55 AM
 
Location: Manhattan
25,381 posts, read 37,118,719 times
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It's a system whereby various tax breaks and low interest loans are given to developers in exchange for their creation of a certain proportion of their housing for those with median or low household income. Needless to say the demand will alwways exceed supply for these "bargains" hence the establishment of tight qualification criteria, loosely called "a lottery," which it really isn't although those lucky enough to get affordable housing may FEEL like lottery winners.

The most common form is called "80-20" housing where 80% of the residences are at market rent and 20% reserved for low and/or middle income.
Other deals that one MIGHT call a lottery win include Mitchell Lama Housing, either rental or cooperative ownership, where tax breaks and low interest loans result in housing prices FAR below common market prices.
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