“Affordable New York” Program Approved

“Affordable New York” Program Approved

A replacement for New York City’s 421-a program, which gave tax abatement’s to developers who included affordable housing units, has finally been approved by Albany. According to the Queens Chronicle, in Queens Community Boards 1 and 2, the new “Affordable New York” program will apply to developments with 300 units or more, 30% of which must be affordable.

As the Chronicle said, ‘Hallets Point and Astoria Cove — massive developments in western Queens — have been on hold since the tax break expired. . . . Richard Khuzami, President of the Old Astoria Civic Association, said his members

“indeed view the resurrection of the 421a Tax Abatement as a positive. . . . Projects such as Hallets Point and Astoria Cove will finally allow Hallets Peninsula and the Astoria Waterfront to reach their potential. . . . What is now a blight will become a desired destination for all New Yorkers.”’

Photo: Hallets Cove Lawn Plaza – credit Studio V Architecture and Field Operations