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Q&A

Interaction between UAP and state tax incentive program 485x

2:41:45

·

105 sec

Council Member Abreu inquires about how the Universal Affordability Preference (UAP) program interacts with the state's newly enacted tax incentive program 485x. Chair Garodnick explains the alignment between the two programs and their impact on affordability.

UAP's 60% AMI requirement qualifies buildings for 485x tax incentives
The combination of UAP and 485x guarantees deeper affordability than 485x alone
The availability of tax incentives is crucial for the viability of affordable housing under UAP

Shaun Abreu

2:41:45

And my last question is, how does the UAP program as proposed with a 60 percent AMI average income ban work with the state's newly enacted tax incentive program 485x?

Daniel Garodnick

2:42:00

Well, units would be required to be 60% of AMI under the UAP program.

2:42:06

That would also qualify a building for 485x.

2:42:11

Units with higher AMIs, like 80% would not under like, what you are required to do under 485x wouldn't qualify for UAP.

2:42:20

So the 2 programs aligned actually will guarantee even deeper affordability than 485x does on its own, and it reflects the city's effective advocacy in Albany that we have 2 programs that are going to work very well together and also will drive affordability down as a result of drive the affordability levels to a lower AMI rate as a result of the way those 2 programs work together.

Shaun Abreu

2:42:47

How do you how does, in your estimation, how does the availability of the tax incentive impact viability of the provision of affordable housing under UAP?

Daniel Garodnick

2:42:57

It's incredibly important, zoning and tax policies have always worked very well together here.

2:43:07

421a was very important and toward the NIH program.

2:43:12

45x is very important to our NIH program and future UAP program if the council passes it.

2:43:20

So this is this is really this is really key.

2:43:23

They're designed to work together, and we are very glad that we were able to have success in our advocacy in Albany to get that tax abatement renewed.

Shaun Abreu

2:43:30

Since I have it a minute and a half left, I'll ask another question.

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Potential impact of UAP on affordable housing creation

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Affordability concerns and strategies to reduce housing costs