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silive
5 months ago
East Bay real estate

NYC launches new initiative to bring low-cost housing to wealthier areas

New York City's housing crisis is being addressed through the Mixed Income Market Initiative, which will provide city subsidies to development projects that include homes for a wide range of household incomes.
Projects selected for the initiative must be 70% affordable and 30% market rate, and include a mix of housing options such as homeless-set aside units and supportive housing units. [ more ]
Time Out New York
5 months ago
East Bay real estate

NYC plans to build new affordable housing in wealthy neighborhoods

New York City's wealthier neighborhoods may see an influx of more affordable housing due to a new plan that rewards developers with a tax break for building mixed-income rental projects.
The plan, called the Mixed Income Market Initiative (MIMI), incentivizes projects that include affordable and market-rate units, with a preference for those that have the most affordability and efficiently use city funding.
The initiative is part of Mayor Eric Adams' effort to add 500,000 more homes to NYC in the next 10 years. [ more ]
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