Since 1987, NYC’s Inclusionary Housing Program has incentivized real estate developers to grow New York City’s affordable housing portfolio by providing zoning bonuses (known as “air rights”) for eligible developments that include affordable housing. In 2016, the City enacted several changes to the Zoning Code, among them the much-publicized requirement for mandatory inclusionary housing. However, the City also enacted lesser-known Preservation Inclusionary Housing Program, which provides a zoning bonus to eligible affordable housing projects that undergo renovation and the preservation of affordability. These “unused” airs rights are intended to be sold off-site to pay for renovation costs, and to fund future affordable housing preservation and development under the auspices of the New York City Department of Housing Preservation and Development (HPD). This panel will look at this exciting new program, with an emphasis on how it works, what policy objectives it advances, and how deals using it are structured.
Louise Carroll, Associate Commissioner of Housing Incentives at HPD
Richard Brown, Rockabill Consulting & Development
Patrick O’Sullivan, Jr., Cleary Gottlieb
Matthew Schatz, TD Bank
(Moderator) Eric Usinger, Emmet, Marvin & Martin LLP
July 11, 2017
NYU Furman Hall, 245 Sullivan Street, Room 216