NEW YORK: The five hundred and eighty-fourth entry for the seniors housing Global Awards for 2015 has been received.
Astoria Cove, the premier mandatory affordable housing project of the de Blasio administration, will not qualify for a 421-a tax break under the newly passed version of the law.
The Queens development, which the City Council approved with much fanfare in November, is obligated to set aside 27 percent of its units for affordable housing. But the specifics of the plan do not meet the new requirements under the revised state law, leaving its future uncertain.
The deal that developer Alma Realty struck with the Council requires that it provide 5 percent of the units at or below 60 percent of the Area Median Income; 15 percent at 80 percent of the A.M.I. and 7 percent at 125 percent of the A.M.I. The city then agreed to subsidize another 34 affordable units — 2 percent of the total—by giving the developer a extra $4.8 million.
None of the affordability requirements laid out under the 421-a deal struck in Albany last month match that model.
The project has not been accepted for awards consideration.
