Your guide to NYC's public proceedings.
AGENCY TESTIMONY
Housing production and preservation initiatives
0:22:09
ยท
88 sec
Ahmed Tigani details various initiatives and programs aimed at increasing housing production and preserving existing affordable housing in New York City.
- The 421-a extension is expected to unlock up to 71,000 new apartments, including 21,000 affordable homes
- The 467-ms program incentivizes conversion from commercial to affordable housing
- 485-x program is now operational, with applications being processed
- New preservation tools include the Community Partnerships for Affordable Renovation program and the reintroduction of J-51 tax benefits for building rehabilitation
Ahmed Tigani
0:22:09
We are harnessing new tools to drive private development and maximize opportunity to build and preserve affordable housing.
0:22:16
The four twenty one a extension is now fully implemented, unlocking up to 71,000 new apartments citywide, including 21,000 affordable homes.
0:22:27
The four sixty seven ms program, which incentivizes conversion from commercial to affordable, to housing, and the abatement which incentivizes affordable housing in high cost areas, has already led to approvals for four eighty five affordable units.
0:22:44
485X is now operational, with applications beginning to roll in.
0:22:49
And we expect the first projects utilizing the universal affordability preference to begin this year.
0:22:56
Meanwhile, we've expanded our preservation toolbox.
0:22:59
Too often, preservation is considered secondary to new construction.
0:23:03
It's a key way for us to create and protect affordable housing.
0:23:07
We launched the community's partnership the community partnerships for affordable renovation program where we work with CDFI partners to make it easier for owners to navigate assistance.
0:23:19
And J fifty one is back, providing critical tax benefits to rehabilitate aging buildings and keep them livable for decades to come.
0:23:29
Our enforcement and preservation teams are working hand in hand to get this message out to owners that HPD is ready to help them meet today's economic challenges.