NYC Mayor De Blasio Unveils $41B Affordable Housing Plan

05/05/2014 6:35 pm
200,000 affordable units over 10 years, across five boroughs is the objective of Mayor De Blasio's $41.5 billion Affordable Housing Plan. 
What is affordable housing?
Finally the full, 115-page plan was released on  Monday. Described as "the largest and most ambitious affordability plan of its kind in nation's history," the plan outlines how the De Blasio administration plans to create 200,000 units of affordable housing. Of those, 80,000 will be new units, 120,000 will be preserved. The plan also details new planning initiatives and zoning changes that will help make these affordable units a reality.
A key focus of the plan is mandatory inclusionary zoning, which means that affordable housing will be required in new developments. And the 80/20 rule—80 percent market rate, 20 percent affordable— will likely no longer apply. Instead, the city will decide the breakdown on a case-by-case basis. The inclusionary zoning rule will also require that the units remain permanently affordable. Tax incentives will be limited, but it seems like megaprojects in gentrifying neighborhoods will still get tax breaks: "Rezonings that add substantial capacity for new housing in transitioning neighborhoods may require incentives to reach lower income levels."
Other zoning and land use changes aim to reduce the number of required parking spaces, to make it easier to convert old industrial buildings to residential, and modify height and set-back requirements to account for modern building technologies. Additionally, the plan wants to allow for taller buildings along higher density corridors and find new uses for transferable development rights.
The plan includes two programs to encourage development of vacant sites:
  • The Neighborhood Construction Program (NCP) and the New Infill Homeownership Opportunities Program.
  • The second program will allow sponsors to purchase city-owned land and construct smaller condos or co-ops where at least one-third of the units are affordable to low-, moderate- or middle-income households. The NCP will target larger vacant sites that can accommodate at least 20 units.
For all of the details click through to the plan