Here is the five-color version of last week’s controversial state legislation that revised the 421a housing tax break (and fashioned a special one for Atlantic Yards), courtesy of the Pratt Center for Community Development.
In short, the areas in maroon, rust and mustard (what a palette, lads!) will force residential developers to incorporate low-income housing into new buildings if they want to qualify for the popular tax-abatement program. (It can cut up to $200,000 off your tax bill.) The gray areas are places where developers can get 15 years or more of property-tax discounts even if they put up market-rate condos.
The new policy is likely to slow development in the earth-toned areas and keep it pretty much as it is in the gray parts.
The maroon zone, by the way, has been around since the Koch administration; the rust neighborhoods were added by the City Council in December; and the mustard districts were added next week and will go into effect July 1, 2008.
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