FOR BREAKING NEWS VISIT www.qns.com NOVEMBER 17, 2016 • THE COURIER SUN 11 Return of affordable housing tax break could bring more construction across Queens BY EMILY DAVENPORT [email protected]/@QNS A lofty tax exemption designed to spur affordable housing development in Queens and other parts of New York State is back from the dead. The Real Estate Board of New York (REBNY) and the Building and Construction Trades Council of Greater New York (BCTC) have agreed with the state on a plan to extend the affordable housing program known as 421-a. The tax exemption gives developers an incentive to build apartments, with a portion of the new units dedicated affordable housing for middle- and workingclass families. The program had expired in June 2015, and Governor Andrew Cuomo and the state legislature agreed to extend 421-a until REBNY and BCTC came to an agreement over wages. By January 2016, no agreement had been made. After a 10-month stalemate between REBNY and BCTC, the two parties came to an agreement, extending the 421-a plan. Under the new agreement, the program will require buildings that are eligible for the program in Queens and Brooklyn to pay construction workers an hourly wage of $45 (including wages and benefi ts). Eligible buildings in Manhattan would pay an hourly wage of $60. The deal also extends the maximum amount of time developers can pay zero in property tax with 421-a from 21 years to 35 years. In return, the affordable apartments developed with rent restrictions must stay affordable for 40 years, instead of the original 35 years. “While I would prefer even more affordability in the 421-a program, this agreement marks a major step forward for New Yorkers,” said Cuomo in a statement about the agreement. “The agreement extends affordability for projects created with 421-a for an additional fi ve years – bringing affordability for these units to 40 years. It also allows lowerincome individuals to qualify as it lowers the percentage of area median income needed to apply.” According to Real Estate Weekly, the wages and benefi ts requirement applies to buildings in Queens, Brooklyn and Manhattan that have 300 rental units or more. In order to enforce the new wage requirements, developers will be required to hire “independent monitors” to audit payrolls and gain certification from the NYC Department of Housing Preservation and Development. The extension of the 421-a plan also allows the State Legislature to release $2 billion in funds for statewide affordable housing, but that isn’t coming without its own struggles. “Until this agreement is finalized, the State Legislature has refused to release $2 billion in state affordable housing funds,” said Cuomo. “I urge the Legislature to come back to Albany to pass desperately needed affordable housing and to sign the MOU to release these funds. We simply cannot allow the lack of resolution to stall affordable housing production for years to come. There is no excuse not to act.” The return of the 421-a program will allow already existing affordable housing projects that were put on hold to resume construction. This past summer, the developers of Hallets Point had to abandon their plans to build the only development in New York City that could generate its own hot water, electricity, heating and cooling systems on site. The rest of the project was also left up in the air. An agreement has been made about the affordable housing program known as 421-a. Celebrate With Us! Complete Checking Plus 1.00% 0.51% APY1 For the first 90 days On balances of $5,000 or more Join the Grand Opening celebration of our new Flushing Bank location at 61-14 Springfield Boulevard. As part of the celebration, you will earn a special interest rate of 1.00%1 for the first 90 days when you open a new Complete Checking Plus account at any of our branches.1 Plus when you open a new Flushing Bank Complete Checking Plus account you can get up to $200.2 Hurry, this is a limited time offer. Call or stop by a branch today! For more information visit your local Flushing Bank branch, go to www.FlushingBank.com, or call 800.581.2889. Small enough to know you. Large enough to help you. 1. New Complete Checking Plus account with new money only. Existing checking account customers are not eligible. An existing checking customer is defined as anyone who currently has or has had a Flushing Bank checking account within the last 24 months. This offer is limited to one Complete Checking Plus account per household. The APY is effective October 17, 2016. The APY for Complete Checking Plus is 0.15% for daily account balances between $0 to $4,999. The blended annual percentage yield (APY) for Complete Checking Plus is 0.51% for daily account balances between $5,000 to $49,999 and 0.59% for daily account balances of $50,000 or greater. The guaranteed rate of 1.00% will remain in effect for 90 days after account opening. At the end of this 90 day period the annual percentage yield will revert to 0.35% for daily account balances between $5,000 to $49,999 and 0.45% for daily account balances of $50,000 or greater. Rates may change at any time without notice. You must maintain a daily balance of $5,000 for the statement cycle to receive the disclosed yield. If your daily account balance is less than $5,000 the interest rate paid on the entire balance in your account will be 0.15% APY. You must deposit a minimum of $100 to open the Complete Checking Plus account. A minimum balance of $5,000 is required to avoid a monthly maintenance fee. Fees may reduce the earnings on the account. The rate and offer are subject to change and early termination without prior notice at any time. 2. New Complete Checking or Complete Checking Plus account with new money only. Existing checking account customers are not eligible. An existing checking customer is defined as anyone who currently has or has had a Flushing Bank checking account within the last 24 months. This offer is limited to one Complete Checking or Complete Checking Plus account per household. Minimum deposit required to open a new Complete Checking account is $25 and a new Complete Checking Plus account is $100. No minimum balance required to be eligible for the Bonus. Direct Deposit – You will receive $100 for signing up for and receiving a recurring direct deposit of $250 or more. Tax refund checks do not qualify as direct deposit. Direct Deposits must be completed prior to 90 days after the account is opened. Debit Card Purchases – You will receive $50 for the completion of 5 debit card purchases. Each debit card purchase must be $25 or more. Online Banking Bill-payments – You will receive $50 for completing 5 online banking bill-payments via Flushing Bank’s Online Banking portal. Each online bill-pay must be $25 or more. Debit Card Purchases and Online Bill-payments must be completed prior to 60 days after the account is opened. THE MAXIMUM AMOUNT ANY CUSTOMER CAN RECEIVE IS $200. The compensation will be credited to the checking account on or about the end of the month following the completion of the above qualifying transactions within the required time after account opening. A 1099 will be is sued in the amount credited to your account. Other fees and restrictions may apply. All offers are subject to change and termination without prior notice at any time. Flushing Bank is a registered trademark
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