As reported by the Observer’s Matthew Schuerman yesterday, Council Speaker Christine Quinn has reached a deal on a bill to revise the 421a program, the Lindsay-era initiative that gives developers huge tax breaks on new residential construction. Essentially, the deal preserves the controversial program while mandating that developers in some rapidly gentrifying areas (Harlem, Carroll Gardens, etc.) include an affordable housing component in their developments if they want the tax break. Azi reports from City Hall that a press conference on the deal is set to begin at 12:45, and a vote is said to be coming later this afternoon. Details on the final bill are still a bit sketchy–I’ll have more to say on it later.