Tuesday, September 6, 2011

More and more rental buildings going with 80/20 program

Gary Jacob, executive vice president of Glennwood Management and the Emerald Green

Developers are increasingly including affordable units within luxury rental buildings as part of the 80/20 program, the New York Times reported.
Steven Spinola, the president of the Real Estate Board of New York, says at least six 80/20 projects are being planned in Manhattan that will add some 1,500 affordable and rent-stabilized apartments.

Previously, when developers of market-rate residential buildings included affordable housing in exchange for tax incentives, the affordable units were often in another complex or even in another borough altogether. But in 2008, the city changed regulations in a way that made it almost impossible for developers to include the affordable units outside the luxury buildings.

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