BBG is pleased to announce that David Shamshovich and Camila Almeida of the firm’s Tax Exemptions and Zoning Incentives Practice represented the development team in the successful closing of a Mandatory Inclusionary Housing (MIH) Fee-In-Lieu Restrictive Declaration with HPD for 43 Bleecker Street, a historic NoHo property undergoing conversion from non-residential to residential use.
Led by Tom Slaughter of The Richmond Group, the project marks the first-ever closing under the MIH program, in accordance with ZR 27-131(a)(3)(v), enabling a contribution to the Affordable Housing Fund in lieu of on-site affordable units. This milestone transaction establishes a new implementation pathway for MIH compliance, expanding flexibility for developments where on-site affordability may not be feasible.
BBG is proud to support this precedent-setting deal, which reflects the firm’s deep expertise in navigating complex zoning and housing incentive frameworks. We look forward to seeing the transformation of 43 Bleecker Street and the broader impact of this innovative approach to affordable housing.
