Uptown deals in danger?

Recent years have seen a major run-up of prices for rent stablized buildings in Upper Manhattan and the Bronx, as major real estate companies began purchasing with plans to aggressively increase rent rolls. According to a New York Times story, the recent disclosure that the owners of the Riverton Houses in Harlem might default on their loan has "shocked the real estate industry and has raised fears about other apartment building deals from the not-so-distant past."

Workforce Housing Resource Center launched

The National Multi Housing Council (NMHC) has launched a new Workforce Housing Resource Center, including an interactive Project Estimator tool that allows real estate firms and policy makers to evaluate the financial viability of proposed “workforce housing” apartment properties. This tool may be of special value in working with local officials to demonstrate how different forms of subsidy work together to make a project viable.

Rochester Catholic Charities stands up to prevailing wage pressure

The Catholic Courier reports that the Providence Housing Development Corp., an affiliate of the Roman Catholic Diocese of Rochester, is standing up to union pressure to pay prevailing wages at a 39 unit affordable development in Irondequoit. Diocesan spokesman Doug Mandelaro stated that the project's funding did not trigger federal prevailing-wage rules. "Paying prevailing wages would be, in effect, devastating for the project," he said. "It would not be feasible to build the project." After meeting with diocesan and local officials, union workers brought the inflatable rat to the site.

Campaign contribution limits inspires court challenge

Today's New York Sun reports that over 12,000 people are listed as doing business with the city and thus are restricted in their ability to make campaign contributions under the new campaign finance law. This provision of the law is being challenged in federal court.

In an unprecedented second funding round for 2008, the New York State Division of Housing and Community Renewal is seeking applications for $37.5 million in grants and loans available under the Housing Trust Fund Program, the Urban Initiatives Program, the Rural Area Revitalization Program, and the RESTORE program. Applications will be available online by August 15 and will be due on October 2. The second round is made possible by the historic increase in housing funding approved by the Governor and the Legislature in April.

Rezoning and affordable housing

NYSAFAH executive committee member Ken Olson is featured in an article in today's New York Times about developers' use of rezoning.

Government oversight of carpenters' union extended

According to today's New York Times, a federal judge has ordered a one-year extension of government oversight of the New York City carpenters’ union. Citing widespread off-the-books work, the judge stated that officials of the New York City District Council of Carpenters “played vital roles in facilitating, enabling or abetting the employers’ fraud” by failing to supervise job sites or keep track of hours worked. The union has been under government oversight for the past fourteen years.

Assemblyman Schroeder changes position on Empire Zone bill

In an editorial, the Buffalo News reports that Assemblyman Mark Schroeder wants the Governor to veto his bill revoking Empire Zone tax exemptions for residential property.

President signs housing bill

This morning the President signed the Housing and Economic Recovery Act of 2008. The Act includes a 20-cent per capita tax credit cap increase for 2008-09 and $11 billion in new tax-exempt housing bond authority. According to the National Council of State Housing Agencies (NCSHA), this will result in over $633 million in additional bond volume cap for New York State. It also permits the recycling of tax-exempt multi-family bonds, an important change that will make substantially more bond volume cap available, especially in New York City. A complete summary of the bill is available from NCSHA by clicking here. The Council for Affordable and Rural Housing also has prepared a summary, which is available here.

Columbia professor recommends dismantling HUD

In an op-ed in today's New York Times,
a Columbia professor recommends dismantling HUD and creating a new cabinet level agency to address the nation's housing crisis. He offers specific criticisms of the HOPE VI program.

Governor announces $357 million in grants for affordable housing

Governor Paterson announced grants totaling $357 million for affordable housing projects throughout New York State. Click here for a list of grants.

More municipalities recommend veto of Empire Zone bill

A number of additional municipalities are recommending that Governor Paterson veto the Empire Zone bill, as described in this article from the Watertown Daily News ,which also has a quote from NYSAFAH executive director Bernie Carr:

New Brownfields Law Signed by Governor

Governor Paterson signed into law a new Brownfields Law as described in this New York Times article. Here's a link to the new law.

Manhattan Institute study on construction costs and housing affordability in NYC

The Manhattan Institute recently released a report on Construction Costs and Housing Affordability in NYC. Among its recommendations to keep construction costs under control was to "preserve the use of non-union labor in the construction of affordable housing."

Sponsor having second thoughts on Empire Zone proposal

NYSAFAH is seeking a veto of recently passed legislation that would eliminate Empire Zone tax exemptions for residential housing projects, jeopardizing existing projects as well as adversely affecting affordable housing developments currently being planned.

In a story in today's Buffalo News
Assemblyman Mark Schroeder, the bill's sponsor, is quoted as saying "I realize that my intent in the bill and what it actually does may be in conflict." The story also quotes NYSAFAH Executive Director Bernie Carr as saying "I speak for everyone in the affordable housing community that the governor should veto this bill."

Governor Paterson attends ribbon cutting at Crosswinds at Hudson

Governor Paterson and Commissioner VanAmerongen attended a ribbon cutting ceremony Tuesday for the 70 unit workforce housing project developed by 3D Development. Here's a link to the story in the Kingston Daily Freeman.

On/Off the record breakfast with Shaun Donovan

Here's a link to the recent City Hall News article on the On/Off the record breakfast with Shaun Donovan. Please note the NYSAFAH logo in the picture behind Shaun.

LAUNCH OF STATEWIDE AFFORDABLE HOUSING PUBLIC AWARENESS CAMPAIGN

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Governor Paterson and Commissioner Deborah VanAmerongen announced a statewide Public Service Announcement (PSA) campaign to promote the continued development of affordable housing in communities throughout New York State. The PSAs began airing July 14 on broadcast television stations and radio stations throughout the state. The ads which will run for four weeks feature filmmaker and green affordable housing advocate Edward Norton, former NFL football player and community developer Tiki Barber and former Major League baseball player and affordable housing developer Mo Vaughn. Additional ads will run in Spanish. The public service announcements encourage people to visit a new web site DHCR has launched to showcase affordable housing developments across the state: The site also includes a link to the public service announcements of which there are five television spots and two radio spots.

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