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Private Activity Bond Panel
Yesterday morning’s breakfast panel on Private Activity Bonds (PABs) in New York was a great success. Over 50 professionals from the housing and finance sectors came together to hear more about our report, Pump Up the Volume: Recommendations to Improve the Allocation of Private Activity Bonds to Better Support Housing in New York State.
The CHPC study is the first to examine how PABs are used in New York State, thanks to data provided by government agencies and to public records on bond issues. The study highlights the importance of PABs for housing development despite a bond allocation process …Read more
Creating Aspirational Communities
Last fall, Citizens Housing & Planning Council (CHPC) convened eleven experts on homeless policy, supportive housing, and community development for a roundtable discussion around Creating the Aspirational Community.
The goal was to engage in an open and meaningful conversation about how to more effectively help the homeless and those facing homelessness as New York City approaches new records in its shelter population.
Over the past 30 years, the number of homeless individuals in New York City has increased almost five-fold from approximately 7,500 in 1982 to over 36,000 in 2011. Families have experienced this increase even more acutely. In …Read more
J-51 and Gentrification
The J‑51 tax incentive program, the most successful housing rehabilitation program in New York City history, expired on December 31, 2011 (The “J‑51” program is §11‑243 of the NYC Administrative Code, which is authorized by §489 of the New York State Real Property Law).
It will be up to the New York State legislature to decide to renew the program and under what terms. However one likely argument that will be made, that J‑51 somehow contributes to gentrification of neighborhoods, seems to have been already addressed by the Court of Appeals.
In the 1950’s New York City still had …
New Report: Neighborhood Impacts of Overmortgaged Buildings
A brand new CHPC study reveals that over-mortgaged and foreclosed multifamily buildings increase the risk of deterioration of nearby buildings and raise costs for private owners and New York City in the form of additional Emergency Repair Program (ERP) expenditures.
Commissioned and funded by Enterprise Community Partners (Enterprise), “The Impact of Multifamily Foreclosures and Over-Mortgaging in Neighborhoods in New York City” examines more than 1,100 multifamily buildings across Brooklyn, Bronx, Manhattan, and Queens. It highlights the need to monitor multifamily housing stock and coordinate public and private sector intervention so that the stock may be improved, returned to responsible owners, …Read more
New Report: The Future of Real Estate Tax Exemptions
The importance of real estate tax incentives in New York City are widely understood across the housing and urban planning industry. However, as New York City’s need for real estate tax revenue increases, the benefits of tax exemption programs are subject to increasing scrutiny.
Following an extensive survey and an expert panel discussion that took place in November, CHPC has now completed an in-depth report examining the future of real estate tax incentives, funded by Enterprise Community Partners. It sets out next steps for such programs and a way forward for the most effective use of these tax exemptions in …Read more
Tax Exemption Panel Discussion
To provide a framework for the discussion of these issues, CHPC has interviewed 28 key industry participants and policy makers.
Their insights were the basis of a panel discussion held on November 17, 2011 at the JPMorgan Chase conference center in downtown Manhattan. Rafael Cestero, Managing Director of L&M Development Partners, John McCarthy, Executive Vice President and Chief Operating Officer of the Community Preservation Corporation, Aileen Gribbin, partner at Forsyth Street Advisors, and George Sweeting, Deputy Director of the Independent Budget Office, led by CHPC Senior Fellow Harold Shultz discussed the issues surrounding tax incentives as they are and as …Read more