June 22, 2007
How the 421-a reform is being tailored for Forest City Ratner
Atlantic Yards Report explains how:
The special clause for developer Forest City Ratner benefits the Atlantic Yards project in two ways (updated): 1) the obligation to provide 20 percent affordable units in the same building will be lifted and instead can be met in the aggregate 2) the obligation to provide 20 percent of the units at 60 percent of AMI will be changed so that the developer must provide 20 percent of the units at an average AMI of 70 percent, so as not to disturb the current plans for Atlantic Yards.
Norman Oder also proofreads the legislation (no idea if the mistakes made it into the final bill).
Atlantic Yards Special Legislation for Dummies:
1. Bruce Ratner will receive tax-exemption for the entire project, not just the buildings with "affordable" units.
2. Units to be rented to households whose income is 70%, instead of 60%, of the Area Median Income would be included in order to qualify the project for the tax exemption, so that Bruce's current plans to reap larger profits than other developers at the taxpayers' expense would not change.
Posted by lumi at June 22, 2007 7:57 AM