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At the end of 2020, The Department of Housing Preservation and Development (HPD) announced that they will be rescinding the Privately Financed Affordable Senior Housing (PFASH) Term Sheet originally issued on July 18, 2019, which facilitated the development of Affordable Independent Residences for Seniors (AIRS) located within a privately financed project. The AIRS program was created in March 2016 to encourage the development of affordable housing for seniors and permitted increases in zoning floor area under the NYC Zoning Resolution for the creation of such units.
HPD stated in the official announcement that this program is “not compatible with other agency priorities, including ensuring that Privately Financed Homes produced through MIH are open to all income-eligible New Yorkers.”