November 11, 2016
By Governor Andrew M. Cuomo
New York, NY – Governor Andrew M. Cuomo comments on the deal reached by the Real Estate Board of New York and the Building and Construction Trades Council of Greater New York on the affordable housing program known as 421-a.
“The deal reached between these parties provides more affordability for tenants and fairer wages for workers than under the original proposal. While I would prefer even more affordability in the 421-a program, this agreement marks a major step forward for New Yorkers. The agreement extends affordability for projects created with 421-a for an additional five years – bringing affordability for these units to 40 years. It also allows lower-income individuals to qualify as it lowers the percentage of area median income needed to apply.
“Additionally, this agreement rightly delivers fair wages for working men and women – providing a rate of $60 per hour in Manhattan and $45 for certain projects in Brooklyn and Queens. Most importantly until this agreement is finalized, the State Legislature has refused to release $2 billion in state affordable housing funds. I urge the Legislature to come back to Albany to pass desperately needed affordable housing and to sign the MOU to release these funds. We simply cannot allow the lack of resolution to stall affordable housing production for years to come. There is no excuse not to act.”