Dear Clients,
NYC developers should be aware of recent proposed rule amendments and a NYC zoning amendment which may affect their residential projects:
• 421-a(16) Rule Amendment: NYC’s Department of Housing Preservation & Development (HPD) has proposed amendments to rules for the 421-a(16) / Affordable New York Housing Program which could allow for greater flexibility in setting rents for certain projects containing two (2) or more multiple dwellings and also for projects receiving tax credit financing. Comments are due November 9, 2021.
• MIH Rule Amendment: HPD has proposed amendments to rules for MIH projects including allowing HUD Contract Rents to be registered as the Legal Regulated Rent. Comments are due October 19, 2021.
• Zoning for Accessibility: This amendment to the Zoning Resolution, already approved by the City Planning Commission and currently under Mayoral review, would expand the geographic availability of the floor area bonus for providing certain subway improvements. Currently available only in certain specified Special Purpose Districts such as Midtown and Downtown Brooklyn, the bonus would be made available in additional SPDs such as Hudson Yards and Long Island City, as well as in certain high density zoning districts throughout the city. City Planning approval would be required.
If you have questions about 421-a, MIH or other development incentive matters, please contact Daniel M. Bernstein [email protected]. For questions about subway improvement bonus, please contact Frank Chaney [email protected]