{"id":305,"date":"2017-04-10T13:50:52","date_gmt":"2017-04-10T17:50:52","guid":{"rendered":"https:\/\/multi.nycnewsnetwork.com\/nycpolitics\/?p=305"},"modified":"2017-04-10T13:50:52","modified_gmt":"2017-04-10T17:50:52","slug":"421a-is-back-as-affordable-ny","status":"publish","type":"post","link":"https:\/\/nycnewsnetwork.com\/nycpolitics\/421a-is-back-as-affordable-ny\/","title":{"rendered":"421A is Back As Affordable NY"},"content":{"rendered":"<p>Two years after a punt to the private sector, lawmakers voted late Sunday to revive the 421a developer tax abatement, part of the state\u2019s $163 billion budget.<\/p>\n<p>The program, now called Affordable New York, closely follows Gov. Andrew Cuomo\u2019s proposal from January. The key changes to the abatement \u2014 from the version that expired in 2016 \u2014 include wage requirements for construction workers on certain projects and a 35-year break from property taxes (up from 25) on large projects that pay these wages.<\/p>\n<p>The state Assembly approved the program on Saturday as part of a revenue bill. The Senate followed suit Sunday evening, in a 53-4 vote on the floor.<\/p>\n<p>Affordable New York was lumped in this budget season\u2019s \u201cbig ugly,\u201d Albany parlance for legislation that\u2019s a land mine of controversial issues. The bill now heads to the governor\u2019s desk, and he is expected to sign it.<\/p>\n<p>In a press conference Friday night, Cuomo said that the program also <a href=\"https:\/\/therealdeal.com\/2016\/09\/14\/cuomo-calls-on-state-legislature-to-release-2b-for-100k-units-of-affordable-housing\/\">releases<\/a> $2.5 billion to create 100,000 units of affordable housing and 6,000 units of supportive housing. The funds were part of a memorandum of understanding that has been the subject of considerable finger-pointing between the governor Democratic Assembly Speaker Carl Heastie, Republican Senate Majority Leader John Flanagan and other leaders who gave contrasting explanations for the holdup of their release.<\/p>\n<p><a href=\"https:\/\/therealdeal.com\/2017\/04\/09\/its-back-lawmakers-revive-421a-as-affordable-ny\/\">For Full Story go to The Real Deal<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Two years after a punt to the private sector, lawmakers voted late Sunday to revive the 421a developer tax abatement, part of the state\u2019s $163 billion budget. The program, now [&hellip;]<\/p>\n","protected":false},"author":5887,"featured_media":306,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[32,25],"tags":[37,38],"class_list":["post-305","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-housing","category-policy-issues","tag-421a","tag-affordable-ny"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v26.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>421A is Back As Affordable NY - NYC Political News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nycnewsnetwork.com\/nycpolitics\/421a-is-back-as-affordable-ny\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"421A is Back As Affordable NY\" \/>\n<meta property=\"og:description\" content=\"Two years after a punt to the private sector, lawmakers voted late Sunday to revive the 421a developer tax abatement, part of the state\u2019s $163 billion budget. 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