Posted by MikeW on January 14, 2000 at 15:06:55:
In Reply to: affordable housing posted by Ann on January 13, 2000 at 14:18:40:
There are programs that developers can opt into where they create a certain number of low/moderate income apartments in return for various benefits. There is no requirement that they participate, but the economics usually make it worthwhile. The two programs I know of are the following: Reserve 20% of the building's apartments for low/moderate income and get a real estate tax break, and the other is for another 20 percent of the apartments either in the building or in the same community board (?), and get tax free bond financing through the state.
How these units are allocated, I'm not sure, but the lotter system sounds correct. I'd contact the developer, HPD, and/or the community board.
: Is it true that any newly constructed "luxury" apartment building in Manhattan must set aside
: a certain percentage of it's units for low income residents?
: If so, how does one go about finding out about these apartments?
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