November 20, 2017
Affordable Housing Alert
Affordable Housing Alert
Author(s): Erica F. Buckley
Last week, Mayor De Blasio released a revised “Housing New York” plan that aims to build and preserve 300,000 affordable apartments by 2026, as opposed to the original goal of 200,000 units by 2024. What is particularly exciting about Housing New York 2.0 is the emphasis on the preservation and development of affordable homeownership. This is welcome news to homeownership enthusiasts who continue to see the benefits of being a homeowner in New York City. Here is a brief overview of the newest programs for existing and future homeowners.
In addition to the above, Housing New York 2.0 includes other tools that may also serve to support affordable homeownership opportunities. For example, the Mixed-Income Micro program will include new design guidelines to facilitate the creation of apartments to fit changing demographics. This may open the door for co-housing projects that could be formed as cooperatives or condominiums if the financing is right. Same goes for Tiny Homes in the Big Apple, which seeks to launch a design competition to build small homes on otherwise undevelopable city-owned land.
The recent additions to Housing New York are welcome news for affordable housing stakeholders, including homeowners, advocates and developers. These new tools will fit nicely with some of the existing City programs already in place such as the Neighborhood Infill Homeownership Opportunities Program (NIHOP), and will likely be combined with other innovative tools referenced in Housing New York 2.0 such as the Interboro Community Land Trust – a vehicle to provide stewardship to permanently affordable homeownership housing.
Nixon Peabody is at the cutting edge of affordable housing trends, and is excited to offer legal services to developers and existing cooperative and condominium boards seeking to learn more about these wonderful new additions to Housing New York. Learn more about Condominiums and Cooperatives service offerings here.
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