- Can generate a significant number of affordable housing units.
- Fosters economic integration by promoting a mix of affordable and market-rate housing;
- Slows the effects of gentrification by promoting the creation of affordable housing
From 1990 to 2008, New York City lost 31% of its subsidized affordable housing stock1 and ANHD’s research finds that 72.3% of affordable city-subsidized units created between 1987 and 2007 is at risk of losing affordability by 2037.2 ANHD secured a policy change in 2013 in the use of Tax Credits given by New York State, making 50-year affordability term mandatory for 9% Low Income Housing Tax Credits. In July 2014, we won 60-year affordability for 9% Tax-Credit projects, which typically accommodate lower-income housing. ANHD is continuing to aggressively campaign for 60-year affordability for 4% tax-credit projects.
CLICK HERE for details & updates on this project
CLICK HERE for ANHD’s report, Roadmap for Equitable Economic Development
CLICK HERE for ANHD’s white paper, Platform for Equitable Neighborhood Planning
ANHD’s Equitable Economic Development project is a strategic campaign to build a strong and consistent movement for progressive economic development policy in our city that brings the unique strengths of the community development movement – including its bricks and mortar infrastructure and activist approach – to fully engage on the crucial but under-resourced issue of economic development. Project includes a sustained, strategic campaign for industrial zoning to preserve and expand quality jobs that wins a shift in city land-use policy, and a campaign to win a new mixed industrial/residential zoning designation,
Click HERE for ANHD’s latest Bank Reinvestment Report
Click HERE for ANHD’s Bank Report data chart
Click HERE for ANHD’s Bank Report chart of reinvestment indexes
ANHD’s Bank Reinvestment Activity includes:
- State of Bank Reinvestment in NYC – Annual report that uses original bank-reported data to analyze the community development activity among 24 of the largest banks in the City.
- Community Reinvestment Act (CRA) engagement. ANHD routinely submits comments on bank CRA exams and works with member organizations to enforce the CRA during and between exam periods.
- The Responsible Banking Act (RBA). ANHD members’ campaign won passage of the NYC Responsible Banking Act in 2012, which helps make sure banks are meeting local community needs. Click HERE to download ANHD’s guide for communities on gaining CRA support from banks
In most of the City, developers can take advantage of the 421a exemption without having to construct a single unit of affordable housing. In Fiscal Year 2013 alone, 421a cost New Yorkers $1.1 Billion in deferred tax revenue, and covered more than 153,000 units – only about 8% of which were affordable.