The program is aimed at supporting housing projects with 70 percent or more affordable units.

A new financing program from the New York City Department of Housing Preservation and Development (HPD) targets ‘mostly-affordable projects’ to spur housing construction, reports Rebecca Baird-Remba in Commercial Observer.
The Mixed-Income Market Initiative, as the program is known, applies to projects with 70 percent or more affordable units and offers developers a tax abatement and city subsidy. “Projects that don’t rely on federal Low-Income Housing Tax Credits (LIHTC), a common financing mechanism for affordable housing, can apply, and the tax break must be approved by the New York City Council.”
City officials say the program should help produce more affordable housing in more expensive neighborhoods, “where a small number of market-rate units could cross subsidize the lower-income affordable ones.” Projects are required to reserve 15 percent of units for people exiting the shelter system and 25 percent or more for ‘extremely low-income’ residents.
FULL STORY: NYC Unveils Financing Program for 70% Affordable Developments

Study: Maui’s Plan to Convert Vacation Rentals to Long-Term Housing Could Cause Nearly $1 Billion Economic Loss
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Placekeeping: Setting a New Precedent for City Planners
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Using Old Oil and Gas Wells for Green Energy Storage
Penn State researchers have found that repurposing abandoned oil and gas wells for geothermal-assisted compressed-air energy storage can boost efficiency, reduce environmental risks, and support clean energy and job transitions.

Washington State Plans Ambitious ‘Cycle Highway’ Network
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Homeowners Blame PG&E for Delays in ADU Permits
The utility says it has dramatically reduced its backlog, but applicants say they still face months-long delays for approvals for new electrical work.

Rethinking Wildfire Defense: How a Landscape Approach Can Protect Neighborhoods
Post-fire analysis of the Eaton Fire reveals that a landscape approach — including fire-resistant vegetation, home hardening, and strategic planning — can help reduce wildfire risk, challenging assumptions that trees and plants are primary fire hazards.
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