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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
CHPC Op-Ed in the Jerusalem Post
In response to the recent uprising in Israel about the lack of affordable housing, Julie Sandorf, the President of the Charles H. Revson Foundation and Jerilyn Perine have co-authored an op-ed in the Jerusalem Post this week about the lessons that Israel could learn from New York’s approach to affordable housing.
The Charles H. Revson Foundation is committed to funding Jewish philanthropy, and is supporting the work of the ‘New Israel Fund’ – a group of housing practitioners investigating the potential application of US nonprofit community-housing institutions to the development of affordable housing in Israel. Last year, CHPC helped to …Read more
New CHPC Publication: Out of Sight, Out of Control
A brand new CHPC Inside Edge publication (pdf) takes a detailed look at the housing policy circumstances around a deadly fire at 2321 Prospect Avenue; a three family house, in the Belmont neighborhood of the Bronx.
On April 23, 2011, three people including a child, died in a fire in this building whose recent history highlights the dangerous impacts of the problems plaguing the rental housing market in recent years.
Since the publication of Debt Threat in August 2009, and our symposium One Size Fits Some in September 2009, CHPC has raised concerns and offered recommendations to address the problems …Read more
“Making Room”: Why Should We Care?
By Jerilyn Perine and Sarah Watson
One of the many ironies of life in New York City is that, in a place where people are obsessed with real estate, housing, and the ensuing discussions about what people have, who has a good deal, and what they pay for it, there is little discussion or even awareness of New York City’s housing standards. And yet it is housing standards that largely determine who lives where and how much they pay for it. These standards implicitly encourage the construction of larger units rather than small ones, make it illegal for more than …Read more
Federal Housing Budget 2012
As the Obama Administration’s 2012 budget proposal shows, we have entered a new period of budget restraint which will impact heavily on federal housing programs. There seems to be general agreement that housing programs will be contained, controlled, and cut back. In fact the Administration’s proposal looks like the best possible outcome in the current budget atmosphere, certainly when compared to the cuts passed last week by the House for the 2011 budget. These will have important impacts around the country, but New York City, with the most aggressive housing program …Read more
Inside Edge: Fallout from Roberts vs. Tishman
As predicted, the Court of Appeals decision in Roberts vs. Tishman, which found that buildings with J-51 tax benefits could not utilize luxury decontrol of rent stabilized apartments, is beginning to generate litigation on related and not-so-related issues.
One of the more surprising decisions is by Housing Court Judge Bruce E. Scheckowitz in the case of W Associates vs. Maverick Scott (Housing Court, New York County, Index No. 73831/2009, December 23, 2009).
The case involves a building (37 Wall St.) in the Financial District which received a tax abatement pursuant to §421-g of the New York State Real Property Tax …Read more
Inside Edge: Riverton Sold at Auction
As CHPC predicted in Debt Threat, the unwinding of 100,000 units of over mortgaged housing has begun with the auction sale today of Riverton Apartments. In the first completed foreclosure of that process in New York City, Riverton Apartments has been taken over by CW Capital the Special Servicer of the Commercial Mortgage Backed Securities Trust that held its mortgage.
With about 100 onlookers, the auction pitted the Trust against one cash bidder, David Bistricer who is familiar to those who have followed the Starrett City sale and refinancing. Despite a recent appraisal of $108 million, the bidding rose to …Read more
Inside Edge: First, Do No Harm – Counting on Section 8 Rent: Why HUD Should Hold Affordable Housing Harmless
Affordable housing owners may find themselves in financial jeopardy later this month due to suddenly declining rents. Tenants may find themselves ineligible to live in subsidized buildings for which they have been on waiting lists for years. And well-maintained buildings may find themselves unable to continue to finance proper maintenance. All this may be the result of the U.S. Department of Housing and Urban Development (HUD)’s decision to revoke a successful hold harmless policy.
For the past few decades, federally-assisted affordable housing owners have been on autopilot when it comes to calculating rents. Every year, HUD issues its area median …Read more
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