Real Estate Alert: NYS Takes Executive Action To Promote Housing Growth07/21/2023
On July 18, 2023, New York Governor Kathy Hochul announced a series of executive actions to address New York’s severe housing shortage by promoting housing growth.
Pursuant to the Governor’s directive, the Empire State Development Corporation (“ESDC”) prepared a resolution to implement the Gowanus Neighborhood Mixed Income Housing Development Program (the “Gowanus Program”). The Gowanus Program builds upon the 2021 rezoning of the Gowanus neighborhood, creating a pathway to development for certain projects of at least 50 housing units which previously qualified for tax benefits under the now-expired Affordable New York program.
Executive Order: Carrots, Not Sticks
On July 18, 2023, Governor Hochul issued Executive Order No. 30 titled “Directing State Agencies, Authorities, and Entities to Prioritize the Allocation of Certain Discretionary Funds to those Localities that Promote the Construction of Housing” (the “Order”).
The EO directs the Division of Housing and Community Renewal (“HCR”) to create the Pro-Housing Community Certification Program that will rank participating cities, towns and villages based on their efforts to prioritize housing growth.
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