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Was just reading the NYT, specifically, an article regarding the city's 80/20 program, which offers a subset of affordable housing within often 'luxury' or high-end apartment buildings to those who qualify as low-income, made possible via tax incentives/credits to real estate developers. The 'lottery' like other posts have referred to on city-data after doing a quick search...
Out of curiosity, would anyone happen to know if the "80/20 program" is a New York City-specific program? Meaning, there's no federal involvement in this specific program, rather just city/state funds? Or, can someone confirm if HUD is directly or indirectly involved in 80/20 as well?
(Note, I'm aware HUD offers/subsidizes similar mixed-income housing programs in NY as well as other states--I'm just curious about this specific NYC/5 boroughs program).
It can be either or both state and federal and it is not restricted to New York.
If the building takes federal money (most often called 236 funds) the building cannot discriminate against out-of state residents.
These tax breaks for developers are quite complex and fluid, changing often.
I think most in NYC involve state and City tax breaks only but they conform to federal guidlines for income and household size. How they legally get away by discriminating by Community Board residency is anyone's guess???? Probably only because nobody had sued yet.
Kefir, is it often regarded as 80/20 outside of NY? Or, does the 'program' often go by a different name once you cross the NYS border? Hadn't heard of 80/20 until the NYT article, I just know from my own work of similar iterations in other states, yet umbrella'ed under a different name. Thanks again.
It does seem the name 80/20 is reserved for New York. When Lefrak built Newport in Jersey City, 10% were set aside for "moderate income"...so I guess 90/10.
In New Jersey, the moderate housing requirement is called "Mount Laurel housing."
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