Halletts Point Development Stalled by Albany Stand-Off
Although the construction of Building 1 in the Halletts Point housing development is going ahead, the rest of the project is on hold due to the expiration of the program known as 421-a. Launched during New York City’s fiscal crisis of the 1970s, 421-a encouraged the building of residential housing by offering tax breaks to developers. In certain parts of the city, including Astoria, developers were required to include a certain percentage of affordable housing units in their developments in order to qualify under 421-a.
So far, 421-a has not been renewed or replaced by a workable alternative. The likelihood that the rest of the Halletts Point development will be delayed until 421-a is replaced or restored was confirmed to OANA members at our May meeting by Keith Dumanski of the Durst Organization.
Photo Credit: Durst Organization