Policy Change Encourages Owners to Preserve Low-Income Rentals

Owners who currently participate in government programs that offer subsidies such as bond financing and tax breaks in return for setting aside 20 percent of a building’s units for low-income housing will be able to sell their market-rate rentals—up to 80 percent of an individual building—in exchange for permanently preserving or increasing the property’s number of low-income offerings, according to new guidelines implemented by the New York State Attorney General’s office.

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