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June 24, 2007
Spitzer and Legislature Sprint to Finish Line
The New York Times
The Times includes Assemblyman Vito J. Lopez's 421-a Ratner clause in its coverage of the end of the legislative session.
Under current plans, the 16 Atlantic Yards buildings are to include 2,250 subsidized rental apartments among more than 6,000 condominium and rental units. Several of the buildings contain no subsidized housing at all, but Mr. Lopez’s bill would allow those buildings to qualify for the tax break so long as the overall complex contains 20 percent subsidized housing. It also would allow Forest City to offer some subsidized apartments to families with higher incomes than would otherwise qualify under the new law. Together, the changes have drawn concern from some housing advocates and city officials. But the Senate approved the measure on Thursday night.
“The city contemplated whether it needed to do this and concluded that it did not, that Atlantic Yards should get a tax break for a building that has 20 percent affordable, but that the condo buildings should pay property taxes,” said Brad Lander, director of the Pratt Center for Community Development. “It achieves no additional affordability at Atlantic Yards but costs the taxpayers $100 million.”
Posted by steve at June 24, 2007 6:48 AM