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June 21, 2007

State revision of 421-a "corporate welfare" subsidy repudiates Doctoroff’s “nothing gets built” warning

More catching up with Atlantic Yards Report: yesterday, Norman Oder posted a thorough (read: lengthy) article about State reform of the 421-a housing-subsidy program:

The New York State Legislature had to approve its own reform and legislators, as Crain’s New York Business reported yesterday, have apparently agreed on a bill demanding more from developers. The state revision, to be finalized on Thursday when the legislative session ends, apparently adds a dozen more outer-borough neighborhoods to the GEA.
Note that the affordable housing provided by the 421-a revision would go to families with household incomes up to 60% of Area Median Income, or $42,540. Most of the Atlantic Yards affordable units—1350, or 60%—would go to families above this level, as the affordability scenario has already been tweaked upward.

Read the full article to follow the progress of reform of the 421-a program.

Posted by lumi at June 21, 2007 8:06 AM