The program is aimed at supporting housing projects with 70 percent or more affordable units.
A new financing program from the New York City Department of Housing Preservation and Development (HPD) targets ‘mostly-affordable projects’ to spur housing construction, reports Rebecca Baird-Remba in Commercial Observer.
The Mixed-Income Market Initiative, as the program is known, applies to projects with 70 percent or more affordable units and offers developers a tax abatement and city subsidy. “Projects that don’t rely on federal Low-Income Housing Tax Credits (LIHTC), a common financing mechanism for affordable housing, can apply, and the tax break must be approved by the New York City Council.”
City officials say the program should help produce more affordable housing in more expensive neighborhoods, “where a small number of market-rate units could cross subsidize the lower-income affordable ones.” Projects are required to reserve 15 percent of units for people exiting the shelter system and 25 percent or more for ‘extremely low-income’ residents.
Read the full story: NYC Unveils Financing Program for 70% Affordable Developments
Federal cuts to voucher program put 9,000 New Yorkers at risk of homelessness
The Emergency Housing Voucher program is ending years ahead of schedule, forcing housing agencies to find new ways to support roughly 70,000 households nationwide.
NYC has Lost 4% of its Resident Artists Since 2019
Advocates argue the city should build more affordable housing reserved for artists, who are being increasingly priced out.
NYC Mayor Mamdani Backs Down on Expanded Rental Assistance Program, Citing $7 Billion Deficit
The new mayor had promised to expand the CityFHEPS rent assistance program to an additional 47,000 households.
Planetizen Federal Action Tracker
A weekly monitor of how Trump’s orders and actions are impacting planners and planning in America.
California plans to bury El Niño’s downpour
If the state plays its cards right, it may be able to store a billion acre-feet of El Niño’s water in aquifers.
Chicago breaks ground on $3 billion megadevelopment
The new neighborhood, titled Foundry Park, will one day host 3,700 residences.
Satanic place names
From streams and lakes to valleys and canyons, I mapped more than 1,000 places named after the Devil.
California High-Speed Rail Authority CEO resigns after $600,000 scandal
Under Ian Choudri, the authority used taxpayer dollars to fund first class flights and trips to nightclubs.
Want to study the Missouri River? Soon, you may need unanimous approval from 10 states
Legislation would require 10 governors’ permission to study or build projects moving water outside the basin.
FREE Course: Walkable City 1: Why Walkability?
After describing his path towards focusing on walkability as the essence of good planning, Jeff Speck marches through his five principal reasons for making more walkable places.
Reinventing Malls: Planning Alchemy—Turning Gray Fields Into Gold
The course focuses on the opportunities and imperatives that shape reinvention of mall sites.
City of Rosemead
Rutgers University, Edward J. Bloustein School of Planning and Public Policy
One Hundred Miles
Hunter College, City University of New York (CUNY)
The Architects Foundation
University of Cincinnati Online
City of Cambridge
Montrose County
The Pocatello Development Authority