SAVE THE DATE: ABO SUMMER CELEBRATION
COCKTAILS AND MORE AT THE WATER CLUB
JULY 18TH, 6-8 P.M.
Both HPD and the New York City Housing Authority are planning to cut Section 8 tenant subsidies by tens to hundreds of dollars a month as a result of the federal budget sequestration, according to Crains. Neither agency has issued any official guidance yet and how the courts might treat tenants who do not pay the difference with contract rent is undetermined…but unlikely to satisfy anyone.
As torrential rains hit the City this week, Mayor Bloomberg issued two major reports on resiliency and emergency preparedness. First he talked about dealing with new FEMA flood maps that doubled projected flood areas with measures ranging from sea gates to insurance limits. Among other things, the plan would make $1.2 billion in loans or grants available to building owners to complete flood resiliency measures, including: elevating or protecting critical building equipment, fire protection systems, electrical equipment, heating; upgrading foundations; and reinforcing exterior walls to flood-proof buildings.
Continuing the theme yesterday, the Mayor announced related building code amendments. In existing commercial buildings, for example, any toxic materials on premises would have to be stored in watertight areas; in existing multifamily buildings, toxics would need to be stored safely, a water tap would have to be installed in a low level common area — in case water pressure is lost –and buildings would have to develop complete emergency plans.
Meanwhile, in Albany, the Legislature is near winding up its session with the Governor’s proposal to create tax free development zones at and around State University campuses. The bill was modified this week to include five unnamed City University campuses, limited to one per borough, at campuses in the census tracts with the highest poverty rate for any campus in that borough.
ABO is still looking for shared office space for three people in Manhattan. All suggestions welcome. Just call Dan Margulies at 212 385-4949.