An overhaul of the tax-exempt private activity bond allocation process would benefit New York Mayor Bill de Blasio’s 10-year affordable housing initiative, a policy analyst said.
Daniel Parcerisas of the research organization Citizens Housing Planning Council called for administrative action or legislative change to prioritize housing over economic development, advance the recapture date to July from October to enable the state Division of the Budget to reallocate unissued state bonds, and enhance transparency overall.
“Our research shows that multifamily housing makes for the best use of private activity bonds,” Parcerisas said Wednesday at the 16th annual New York State Association for Affordable Housing conference at the Marriott Marquis hotel in Times Square. Despite that, he said, state legislation favors economic development agencies.
Read more in The Bond Buyer.