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Developers preparing for projects with set-aside seniors’ units

New York City’s Department of Housing Preservation and Development is close to having all the pieces in place for a program that will allow developers with projects that include affordable housing for senior citizens.

The Affordable Independent Residences for Seniors program will grant approvals for developers to increase density and height in their projects if they set aside units for seniors.

If you are a senior citizen seeking affordable housing, now may be the time to consider transitioning from your current living situation, to housing offered and which will soon be available through this new program. 

While the program was initiated in Spring 2016, some developers complained earlier this year that the housing department had yet to take applications for the program.

The delay, apparently, was because of the finalization of what the required income threshold would be for such projects.

The agreement was made that units in qualifying projects would have to be allocated for seniors who earn at or below 80% of the median income in the area. At least 10 units in each affected development must be available for seniors. The units also must have rent stabilization and fit with Uniform Federal Accessibility Standards. Those rules are more strict that New York City’s building code.

“We’re excited to launch this new financing program dedicated to projects that will create high-quality rent stabilized affordable homes for seniors throughout New York City,” a spokesman for the housing department said in a statement.

In many instances, things such as zoning changes or variances on a project can have benefits to the public. This appears to be one of those cases. Attorneys with experience in real estate law can advise developers who need special permission for a project or who want to take advantage of existing programs such as this one that will benefit seniors.

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