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New York Program Aims to Convert Distressed Hotels, Commercial Properties into Affordable Housing
New York Gov. Andrew Cuomo signed legislation Friday that allows the state to finance the acquisition and/or conversion of distressed hotels and commercial office properties by nonprofits to increase affordable housing. S.B. 5257 aims to ease the state’s affordable housing burden by financing the purchase of said properties for use as permanent affordable housing. The Housing Our Neighbors with Dignity Act is geared toward low- and moderate-income households experiencing homelessness, setting aside at least 50% of homes in the properties for those earning up to 80% of the area median income.
The 2021 edition of the Novogradac Low-Income Housing Tax Credit Handbook is an essential resource for affordable rental housing owners, developers, managers and investors.