More Affordable Housing Preserved in the City

421 Affordable Housing

The city continues to demonstrate its efforts in preserving affordability on New York City apartments. Through tax abatements and new 40 year regulatory agreements between LIHC Investment Group and the city, over 650 affordable housing units are preserved.

Purpose of the agreement

The agreement is part of the city’s effort to provide more affordable housing. Current restrictions on rent expire in about seven years for most LIHC Investment Group owned properties, except for Paul Robeson Houses. In the neighborhood where these properties are located, many similar buildings already converted to market-rate homes. Due to the community’s increasing concern of not being able to afford high market-rate rent, the city established the agreement so these units will continue to remain affordable.

According to Article XI, projects with at least two-thirds affordable units can receive up to 40 years tax exemption. This is more popular since the old 421a tax abatement program expired. Furthermore, principal at LIHC Investment Group has revealed their plan to bring nine additional properties under Article XIs. Therefore, more than 1,850 units may be preserved in the future.

Locations of the affordable housing units

According to Affordable Housing Finance, LIHC Investment plans to make improvements on multiple properties. Each with specific income requirement and improvement details.

  • La Cabana Houses at 391 Lorimer St.
  • Lower East Side I & II Apartments at 384 East 10th St.
  • Hudson Piers II at 1640 Amsterdam Ave.
  • The Paul Robeson Houses at 1990 Adam Clayton Powell Jr. Blvd.
  • Inwood Houses at 10 Post Ave.