Thursday, June 28, 2007

Just what developers need: incentives

Two local politicians announced yesterday that legislation to create two new affordable housing zones across several Queens neighborhoods has been passed by the state Legislature and is now waiting to be signed into law by Gov. Spitzer.

The law would provide 25-year property tax breaks to developers who make at least 20% of their units affordable.

Affordable home zone

The two zones encompass Woodside between 54th and 69th Sts. and 39th Ave. and Broadway; and the Elmhurst-Jackson Heights-Corona area, bounded by 69th and 94th Sts., 52nd Ave. and Northern Blvd.

To qualify, households cannot earn more than 60 percent of the median income of households within the exclusionary zones.


Anonymous said...

"Affordable housing" is such a loosey/goosey term that has NEVER been adequately legally defined .....and if it's full of more legal loopholes than a wheel of Swiss cheese !

H-m-m-m....the Elmhurst/Jackson Heights/Corona area.....isn't that one of the neighborhoods that the Bloomberg administration wants to clear of its current poorer immigrant population ?

In the case of Jackson Heights, we mean south of Roosevelt Ave. The north side's yuppie historic district is already protected by landmark status. No need to remove these upper class folks !

Anonymous said...

Developers need a long walk off a short pier !