For roughly 16 months between January 2016 and April 2017, one of developers’ favorite tax exemptions wasn’t an option. Though largely an incentive for market-rate construction, 421a did also subsidize some affordable housing construction; in most buildings that meant 20 percent of the apartments. With 421a gone, however, some developers chose to tap another tax incentive with deeper affordability requirements called Article XI, according to a new report that analyzed affordable housing data from the […]
source https://therealdeal.com/2018/05/14/when-421a-was-in-limbo-developers-turned-to-this-tax-exemption/
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