About the Hosts
David Shamshovich, Brenda Slochowsky, and Camila Almeida are seasoned real estate attorneys at Seiden & Schein, P.C., specializing in New York City’s affordable housing programs, including Inclusionary and Mandatory Inclusionary Housing, from initial applications and approvals to final project completion. They also handle HPD initiatives and real estate transactions like buy-sell agreements, loans, and joint ventures. As the team behind the Shaping the NYC Skyline podcast, launched in April 2023, they manage everything from guest booking and hosting to editing and promotion.
City of Yes for Housing Opportunity
This episode explores the City of Yes for Housing Opportunity zoning amendment (adopted Dec. 5, 2024), introducing the Universal Affordability Preference (UAP) program, replacing Voluntary Inclusionary Housing (VIH), and updates to Mandatory Inclusionary Housing (MIH). These changes aim to simplify processes, broaden eligibility, and promote affordable housing development in New York City.
Key Takeaways
1. UAP Replaces and Expands VIH: The UAP program replaces the now-defunct VIH framework, broadening eligibility and geographic scope. It introduces affordability requirements across a range of Area Median Income (AMI) levels, ensuring that the program accommodates the city’s diverse population.
2. UAP Offsite Option Area: Under the UAP framework, affordable housing units can be located offsite (including via transfer of Inclusionary Air Rights generated under VIH), provided that the subject UAP development is located in a UAP Offsite Option Area (i.e., former Inclusionary Housing Designated Areas or R10 (or R10 equivalent) zoning districted).
3. Integration with Tax Incentives: UAP is designed to work with existing tax exemption programs, such as 485-x and 467-m. The additional floor area provided under UAP can be utilized to for the affordable tax exemption units.
4. Streamlined Procedures: UAP and MIH include streamlined and more flexible application and completion protocols, resulting in faster project approvals, earlier occupancy, and quicker cash flow.
5. Vesting Under VIH: Projects seeking to vest under VIH must meet specific criteria, including filing an affordable housing application with the NYC Department of Buildings (DOB) by the adoption date, securing DOB approval within one year, and entering into a regulatory agreement with HPD within two years.
6. Enhanced Oversight by HPD: HPD now wields greater discretion to approve or disapprove building configurations that may segregate affordable units or stigmatize residents. Additionally, HPD can mandate rental affordable housing over homeownership where it deems necessary.
Conclusion
The City of Yes initiative, featuring the new UAP and updated MIH programs, represents a major step toward citywide affordable housing. It promotes economic diversity, improves feasibility with increased FAR allowances, and streamlines approvals. Developers must adapt to these changes and upcoming HPD guidelines to maximize opportunities.
For those navigating these shifts, the professionals at Seiden & Schein, P.C.—David, Brenda, and Camila—offer expert guidance from project concept to completion. Tune in to this episode for timely insights into the policies and regulations that are Shaping the NYC Skyline.
More on Shaping the NYC Skyline:
Website - https://www.seidenschein.com/podcast/
LinkedIn - https://www.linkedin.com/company/shaping-the-nyc-skyline/
Instagram - Shaping the NYC Skyline (@shapingthenycskyline)
YouTube - https://www.youtube.com/@ShapingtheNYCSkyline
Email - [email protected]
Info Email - [email protected]
Phone – (212) 935-1400
You can Reach our Hosts by email:
David Shamshovich [email protected]
Brenda Slochowsky - [email protected]
Camila Almeida - [email protected]
SEIDEN & SCHEIN, P.C.
570 Lexington Avenue, 14th Floor
New York, New York 10022
