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Developers Oppose Scott Stringer s Housing Plan for NYC

Scott Stringer (Getty, NYC Comptroller, iStock/Illustration by Alexis Manrodt for The Real Deal) Mayoral hopeful Scott Stringer wants to require all residential projects to include affordable housing but some developers say his numbers don’t add up. The city comptroller released a 47-page housing plan Thursday including details on the “universal affordable housing” program he announced last year. Under it, developers would have to make at least 25 percent of apartments deeply affordable in projects with 10 or more units. The low-rent units would be affordable to households earning, on average, 60 percent of the area median income significantly less than in Mayor Bill de Blasio’s housing plan. Developers would get subsidies and tax exemptions to build in neighborhoods where residents earn below 60 percent of AMI.

Controller Yee highlights changes in place for 2021 tax filing season

Tax filing season is here. The California Franchise Tax Board (FTB) and the federal Internal Revenue Service (IRS) are now accepting and processing returns for 2020 income. The IRS has made programming updates following December 2020 tax law changes that provided a second round of economic impact payments. Under these changes, eligible individuals will receive any stimulus funds not yet received as a Recovery Rebate Credit when they file a federal tax return on their 2020 income. For faster refunds and increased accuracy, taxpayers are urged to file electronically and provide their direct deposit information. The deadline to file and pay any tax owed is Thursday, April 15, 2021. For this filing season, FTB expects to process 20 million personal income tax (PIT) returns; the IRS expects more than 150 million PIT returns.

The Low-Income Housing Tax Credit, explained

The Hodge, at 7th and P NW, was built using Low-Income Housing Tax Credits.  This article was first published on January 9, 2017. We love being able to talk about and break down complex concepts and wanted to share this piece with you again. Figures are reflective of the original publishing date. The Hodge, a 90-unit housing development in Shaw, offers affordable apartments for seniors in the District. To create these apartments, developers of the Hodge used the Low-Income Housing Tax Credit (LIHTC) program to partially finance the project. This post explains how the LIHTC works. The LIHTC is the largest federal program for the production and rehabilitation of affordable housing. Unlike the Housing Choice Voucher (HCV) program, which helps low-income families pay their rent, the LIHTC program subsidizes the construction of apartments that rent for below market rate.

The outlook is strong for bond-financed multifamily housing

The outlook is strong for bond-financed multifamily housing
bondbuyer.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from bondbuyer.com Daily Mail and Mail on Sunday newspapers.

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