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June 29, 2007
REDRAWING THE 421-A FORMULA FOR TAX BREAKS AND HOUSING
City Limits breaks down the 421-a reform legislation just passed by the State Assembly, and offers this brief explanation of the Ratner clause:
One attention-getting feature of the legislation gives the already controversial Atlantic Yards project in Brooklyn additional tax breaks. It also allows potential tenants who earn up to 70 percent of the Area Median Income (AMI) of $70,900 to apply for "affordable" units there (up from a proposed 60 percent); setting that rate also raises the rent amount that qualifies as “affordable." But Lopez said Monday that the Senate has yet to vote on this aspect.
Posted by lumi at June 29, 2007 10:56 AM