SPR’s latest blog post highlights key elements of the NYS Fiscal Year 2025 Budget, which passed in April. The Budget includes roughly $1 billion for environmental and energy programs, including water infrastructure upgrades, land conservation measures, and energy project permitting. Even with these notable commitments to environmental stewardship, the centerpiece of the Budget is housing, given the bipartisan nature of the on-going housing affordability and vacancy crisis, especially in New York City. As the SPR Blog previously covered (https://lnkd.in/ecFQNtpj) last year’s budget notably lacked affordable housing commitments and failed to replace the expired Real Property Tax Law § 421-a tax incentive, thus jeopardizing the viability of housing projects throughout New York. As part of the FY 2025 Budget, a new Real Property Tax Law § 485-x was enacted to modify and replace 421-a. And § 467-m was adopted to spur conversion of existing buildings from commercial to residential uses. Read more in SPR’s most recent blog post by Nika D. Sabasteanski, JD, MPH. #AffordableHousing #FY2025 #NewYork #EnvironmentalPrograms #TaxLaw #NYSBudget #SixtyYearsOfEnvironmentalLaw
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Check out my latest blog post on New York State's latest budget and what it means for housing & environmental policy.
SPR’s latest blog post highlights key elements of the NYS Fiscal Year 2025 Budget, which passed in April. The Budget includes roughly $1 billion for environmental and energy programs, including water infrastructure upgrades, land conservation measures, and energy project permitting. Even with these notable commitments to environmental stewardship, the centerpiece of the Budget is housing, given the bipartisan nature of the on-going housing affordability and vacancy crisis, especially in New York City. As the SPR Blog previously covered (https://lnkd.in/ecFQNtpj) last year’s budget notably lacked affordable housing commitments and failed to replace the expired Real Property Tax Law § 421-a tax incentive, thus jeopardizing the viability of housing projects throughout New York. As part of the FY 2025 Budget, a new Real Property Tax Law § 485-x was enacted to modify and replace 421-a. And § 467-m was adopted to spur conversion of existing buildings from commercial to residential uses. Read more in SPR’s most recent blog post by Nika D. Sabasteanski, JD, MPH. #AffordableHousing #FY2025 #NewYork #EnvironmentalPrograms #TaxLaw #NYSBudget #SixtyYearsOfEnvironmentalLaw
New York State FY 2025 Budget Includes Significant Housing & Environmental Programs
https://sprlaw.com
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We got ourselves a Live Local amendment bill! This one is very likely to pass and goes into effect upon the Governor's signature (as opposed to July 1). Among other proposals, these two identical bills would remove applicability of the LLA land use preemption from areas zoned for "industrial" use and extend the missing middle property tax exemption to developments that have been substantially rehabilitated. It would also amend the maximum highest allowances for eligible preemption projects, prevent local governments from using FAR to limit maximum densities, and more.
We don't often post twice in one day but this can't wait because we're thrilled to share this news! Senator Alexis Calatayud and Representative Vicki Lopez have introduced bills, SB 328 and HB 1239, to amend the affordable housing land use preemption and missing middle property tax exemption created by the #LiveLocalAct. These identical bills are expected to move through the Legislative process. Regarding the Act's land use preemption, the bills exclude "industrial" zones from the preemption, amend the tool's height allowances, establish several new exceptions, and clarify a number of outstanding implementation questions. On the Missing Middle Property Tax Exemption front, the bills redefine "newly constructed" to include substantially rehabilitated developments, grant audit authority to county property appraisers, and clarify the exemption's administration, among other clarifying provisions. For a comprehensive overview, view our summary at https://lnkd.in/ehUt_jrq Questions can be directed to Kody Glazer, the Coalition's Chief Legal and Policy Officer, at glazer@flhousing.org. #HousingFloridians #FLHousing
https://flhousing.org/wp-content/uploads/2024/01/FHC-Summary-of-Senate-Bill-328-1.5.24-2-1.pdf
flhousing.org
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We don't often post twice in one day but this can't wait because we're thrilled to share this news! Senator Alexis Calatayud and Representative Vicki Lopez have introduced bills, SB 328 and HB 1239, to amend the affordable housing land use preemption and missing middle property tax exemption created by the #LiveLocalAct. These identical bills are expected to move through the Legislative process. Regarding the Act's land use preemption, the bills exclude "industrial" zones from the preemption, amend the tool's height allowances, establish several new exceptions, and clarify a number of outstanding implementation questions. On the Missing Middle Property Tax Exemption front, the bills redefine "newly constructed" to include substantially rehabilitated developments, grant audit authority to county property appraisers, and clarify the exemption's administration, among other clarifying provisions. For a comprehensive overview, view our summary at https://lnkd.in/ehUt_jrq Questions can be directed to Kody Glazer, the Coalition's Chief Legal and Policy Officer, at glazer@flhousing.org. #HousingFloridians #FLHousing
https://flhousing.org/wp-content/uploads/2024/01/FHC-Summary-of-Senate-Bill-328-1.5.24-2-1.pdf
flhousing.org
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Historic tax credits at both the federal and state levels provide developers with great financial incentives to rehabilitate historic buildings. How can developers take advantage, specifically at the state level? My colleague Julie Bradlow surveyed the landscape in five states across our firm's footprint to share how those credits can be maximized. #taxcredit #taxcode #historicpreservation #historicrestoration #historicbuildings #DEinsights
Key Questions When Determining Eligibility for State Historic Tax Credits
https://www.jdsupra.com/
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Historic tax credits at both the federal and state levels provide developers with great financial incentives to rehabilitate historic buildings. How can developers take advantage, specifically at the state level? My colleague Julie Bradlow surveyed the landscape in five states across our firm's footprint to share how those credits can be maximized. #taxcredit #taxcode #historicpreservation #historicrestoration #historicbuildings #DEinsights https://lnkd.in/eUdSrbhQ
Key Questions When Determining Eligibility for State Historic Tax Credits
https://www.jdsupra.com/
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Accelerating Building Decarbonization in the Real Estate Sector | Co-Executive Director, ULI Randall Lewis Center for Sustainability in Real Estate | Board Member, Carbon Leadership Forum
Proud of this Commercial Observer OpEd that I co-authored with Kara Kokernak/Urban Land Institute on #RealEstate, #Decarbonization, and the #InflationReductionAct tax credits. Our message to you: Don’t wait! It’s go-time to include this new federal funding in your pro formas. Real estate leaders would be wise to incorporate these new federal incentives into their development and capital improvement plans starting *now.* https://lnkd.in/eMrZfzx9
Real Estate Needs to Start Using the Tax Credits It’s Getting
https://commercialobserver.com
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Counties in Colorado may soon have a new way to take advantage of tax increment financing (“TIF”). Currently, there are only two ways to leverage TIF in Colorado: establishment of an urban renewal authority or establishment of a downtown development authority.
HB 24-1172: Unlocking Tax Increment Finance for Counties via County Revitalization Authorities
bhfs.com
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Historic tax credits at both the federal and state levels provide developers with great financial incentives to rehabilitate historic buildings. How can developers take advantage, specifically at the state level? Our Julie Bradlow surveyed the landscape in five states across our firm's footprint to share how those credits can be maximized. #taxcredit #taxcode #historicpreservation #historicrestoration #historicbuildings #DEinsights
Key Questions When Determining Eligibility for State Historic Tax Credits
https://www.jdsupra.com/
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If you’re looking for programs that actually make money for the government and boost the economy, look no further than the historic tax credit.
Today, the National Park Service issued a press release on its report detailing the use of the Historic Tax Credit in Fiscal Year 2022. You can find the release at https://lnkd.in/eqteVK-f According to the NPS release, since 1977, the historic preservation tax incentives have generated a total of $131.71 billion of estimated rehabilitation investment in 49,263 rehabilitation projects.
News - Technical Preservation Services (U.S. National Park Service)
nps.gov
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Historic tax credits at both the federal and state levels provide developers with great financial incentives to rehabilitate historic buildings. How can developers take advantage, specifically at the state level? Our Julie Bradlow surveyed the landscape in five states across our firm's footprint to share how those credits can be maximized. #taxcredit #taxcode #historicpreservation #historicrestoration #historicbuildings #DEinsights https://lnkd.in/ekFDeBSz
Key Questions When Determining Eligibility for State Historic Tax Credits
https://www.jdsupra.com/
