No More 80-20

The New York State Division of Homes and Community Renewal has stopped providing tax exempt bond financing for 80-20 projects. It will only be funding 100% affordable projects for the time being, according to the Commissioner.

Proposed rezoning of the Jerome Avenue area in the Bronx moved into the formal Land Use Review process this week, despite controversy.

Mayor de Blasio is holding a hearing today on a bill creating a rebuttable presumption that owners are harassing tenants if, for example, they contact them at work without prior written approval. He is expected to sign it along with a host of other bills affecting building owners, including a requirement to have a written smoking policy.

New York City Councilwoman Margaret Chin doesn’t think elected officials have enough power to block development. She is so opposed to a residential project on the Lower East Side that she has introduced legislation to allow the Mayor, Borough President, or a vote by two thirds of the Council Land Use Committee to shortcut the required time frames to change zoning. She is apparently hoping to make the project illegal before it can be built.

U.S. Rep. Joe Crowley from Queens this week touted his Rent Relief Act, providing tax credits to low and moderate income renters who pay more than 30% of their income in rent. No predictions on the likelihood of how the proposal from a Democrat congressman will fare in the Washington budget battles.

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