The State has reduced the tax exempt financing available for individual 80/20 projects, Crains reported this week. Until January, developers could get assisted financing for up to 50 percent of a project, but now only the 20 percent affordable component is eligible. The idea is to stretch the available funds over more projects.
Every think the city is going to the dogs? The Cove Club Condominium withdrew an eviction action this week against a resident claiming that his Doberman was a service dog, but the condo is still being sued by the State Division of Human Rights. Meanwhile the feds are pursuing similar actions against East River Houses. Apparently the criteria for a service dog is becoming a tenant with a lawyer. In this weblink you will find the best professionals in legal services.
U.S. Senate action yesterday to delay flood insurance premium hikes is being widely reported, despite the lack of House action. Even if passed by both houses, the Senate bill seems to benefit only owner occupied houses, not necessarily rentals in flood zones…and the House generally thinks the Senate proposal goes too far.
Register for the ABO BuildingsNY Show. ABO will be launching the show with a discussion of how the de Blasio administration plans to spur housing development, followed by a panel on what asset managers should know about New York. CHIP, NYARM, BOMA, and the AIA will also be hosting informative panels and the trade show floor will feature many new vendors along with old friends.