The Department of Housing Preservation and Development will stop accepting applications for its Privately Financed Affordable Senior Housing program, known as PFASH. Under this program, developers are allowed to increase the scale of a project that sets aside a certain amount of units as affordable independent residences for seniors.
The Department of Housing Preservation and Development is suspending the program because it prefers families (presumably with children) to live there instead because of good access to schools, mass transit, and other amenities.
Real estate attorney, Alvin Schein who represents developers with active applications believes this suspension undermines the confidence that developers have in city sponsored programs. Schein states, “It makes developers, investors, and lenders very wary of working in the city”.
In the volatility of today’s real estate market, and fast paced legislation being enacted, it can be ominous to embark on any real estate development. Contact GE Grace for expert insight. Call us at 646 312 6800 or email Grace@GeGrace.com.