Welcome to the new New York Housing Journal Weekend Update, formerly ABO News Update, a weekly summary of news and links of interest to apartment owners, managers and developers. Another great benefit for members of Community Housing Improvement Program and the Associated Builders and Owners of Greater New York. Beginning soon, the Weekend Update will only be available to members, so watch for your dues bills in the mail and if you are not a member, please consider joining for this and all the other benefits both organizations offer.
The de Blasio administration started the week on the defensive over affordable housing plans, as non-profit developers of Spring Creek in Brooklyn complained that the City was not keeping up with promised infrastructure improvements, delaying construction of 1500 units.
And we can’t wait for the tenant outcry when the New York City Housing Authority launches its plans for harassing tenants to pay rent with robo-calls. It is not clear, but news reports imply that the Authority will even robo-call tenants in litigation, not to mention the strict federal rules on automatically calling cell phones for any reason.
On the private side, the number of building permits filed in July dropped 90 percent from June, as developers who rushed to get projects started before 421a tax incentives expired or were modified during the legislative session took a breather. Actually, as it turned out, the old rules basically remain in effect until December, so there may be another blip of filings in the Fall. By the time a new program is in place in 2016 there will likely be few shovel ready projects left.
The Economic Development Corporation issued an RFP this week for mixed use development of a 25,000 square foot lot next to Hudson Yards on the so-called Slaughterhouse Site, former home of the New York Butchers’ Dressed Meat Company. One hundred percent affordable units, cross-subsidized by commercial space, would be preferred.
Whatever gets built will take longer in the Northeast. NAHB analyzed census data and determined that the average multifamily building took 14.9 months from permit to completion in the Northeast vs. 11.4 in the Midwest.
There is still time for members to register for the September 10th CHIP seminar on Decoding the Rent Act of 2015, from 9:30 a.m to 12:30 at TKP Conferences 109 West 39th Street, New York 10018, 2nd floor. Registration is required. Call 212 838-7442.
Show Me the Money — CHIP is co-sponsoring a reception and workshop with Original Energy at Scandinavia House, 58 Park Avenue, September 17th, from 3 to 6 p.m. to inform building owners about the full range of funding sources available for energy-related capital improvements to individual apartment units or buildings. The workshop will review the details of available programs, discuss whether there are any strings attached to the funding, and provide some instruction on the application process. Much of the available funding is generated through tax dollars and utility surcharges – come learn how to get your money back through these programs. RSVP: By September 11, 2015 to email@example.com