New 485-x tax incentive would require (at Atlantic Yards) 25% "affordable" units for households averaging 60% of AMI (now $83,880 for 3 people, but will rise)
Might the state's recently approved 485-x tax incentive re-start Atlantic Yards/Pacific Park? Of course not. Remember, there's an expensive platform, and fines for missing affordable housing to be reckoned with. Zone A in yellow, Zone B in orange (Department of City Planning) Might it help any potential bidder or developer better assess the bottom line regarding future investment? Surely. A 421-a successor Future buildings would qualify under 485-x ( bill text ), a successor to the since expired 421-a, as a "Very large rental project," defined as a site in in Zone A or Zone B, which includes the Atlantic Yards/Pacific Park site, with 150 or more rental units. The carrot: a 40-year exemption from property taxes. That's more than the most recent iteration of 421-a , which for Atlantic Yards/Pacific Park buildings offered a 25-year full exemption, and ten years of exemption applied to the 30% affordable units, at 130% of Area Median Income (AMI). (Note that the an