“I’d like to thank Governor Cuomo for his leadership in breaking the stalemate on 421-a, and reviving a program that is critical to the production of affordable housing in our city.
In a city where more than half of our renter household are rent burdened, it is imperative that we put 421-a back to work to get affordable housing production moving and create new housing opportunities for hardworking New Yorkers. While far from perfect, the program has been critical to making rental development financially feasible, creating mixed-income communities, and spurring low- to moderate-income housing production in the outer boroughs.
Over more than four decades 421-a has evolved to meet the city’s changing housing needs. This latest iteration expands the affordability requirement, increases production, and implements policies to make the program more efficient and effective.
I applaud the Governor, REBNY, and the Building and Construction Trades Council for working together to find a way forward, and I call on Senate Majority Leader Flanagan and Assembly Speaker Heastie to heed the Governor’s request to sign the MOU without delay. It’s time to leave the handwringing and carping in the past. It is unproductive and does not serve the New York families who need affordable housing right now. We have a solution – let’s get back to work.”
– Rafael E. Cestero, President & CEO, The Community Preservation Corporation
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About the Community Preservation Corporation (CPC)
Established in 1974, CPC is a nonprofit affordable housing and community revitalization finance company that believes housing is central to transforming underserved neighborhoods into thriving and vibrant communities. We provide innovative capital solutions, fresh thinking and a collaborative approach to the often complex challenges that owners and developers of multifamily housing face. To date, CPC has leveraged approximately $9.7 billion in private and public investment to finance more than 170,660 units of affordable housing. Our work with our partners has helped revitalize countless neighborhoods throughout New York, and provided quality housing for families, senior citizens, and individuals with disabilities. Follow us at communityp.com, and on Facebook, Twitter and LinkedIn.