A new bill introduced in January could abolish 421a tax exemptions on new construction of affordable multifamily rental housing. There is strong concern that developers may not receive enough notice on any changes or elimination of the program to finalize projects already being planned. There is also growing concern about the negative impact on jobs created directly through construction as well as jobs created indirectly through new building and new businesses. Historically tax abatement programs have been used to help provide quality affordable housing.
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