Senator Martin J. Golden (R-C, Brooklyn) today announced passage of legislation to expand housing affordability for middle class-working families in the city’s most significant housing development incentive program, the 421-a program.
"The bill which we passed today will help those families who truly need assistance when it comes to affordable housing - the middle class," Senator Golden said. "These changes to the program will insure that the working families who built this great City can continue to afford to live here in good housing. New York’s long and proud tradition of transforming and growing to meet the needs of those who live and work here is continued with this legislation. Making sure that we can afford to live in the greatest City in the world is a top priority of mine."
The bill, developed with the Governor, City officials, and the Assembly, makes several significant substantive and technical changes in the housing program. The key change in as modification of the "substantial government assistance" affordability requirements, to insure that housing is affordable by middle class working families—and that it stays that way for at least 35 years.
The bill also modifies requirements for the Atlantic Yards project, to insure that the project receives incentives and enhanced abatements only if buildings meet on-site affordability requirements during each phase of project construction. Importantly, it allows the benefits to flow as construction begins if the city certifies that the project meets affordability requirements, and insures that each phase of the project must meet affordability requirements.