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August 11, 2007

Real Estate Round-Up: August 9, 2007

Brooklyn Daily Eagle
Mary Frost

New York City officials and state legislators have reached an agreement to overhaul a popular tax break for apartment building developers, the New York Times reports. The aim is to encourage the construction of tens of thousands of apartments for low- and middle-income New Yorkers. If Governor Spitzer agrees to the revised 421-a program, it will significantly expand the number of neighborhoods where developers will include apartments for low- and moderate-income tenants in exchange for tax breaks.

According to the Times, the version of the plan passed by the Legislature in late June expanded the number of neighborhoods where developers would be required to build lower-priced units to get the tax break. In addition, the Legislature’s bill gave an additional $300 million break to the Forest City Ratner Companies, the developer of the Atlantic Yards project.

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Posted by amy at August 11, 2007 10:11 AM