Making Use Of NYC's Voluntary Inclusionary Housing Program
By Patrick O'Sullivan Jr. and Michael Smith (July 9, 2018, 4:12 PM EDT) -- Although New York City's Mandatory Inclusionary Housing program received significant attention at the time of its adoption, the city's Voluntary Inclusionary Housing program remains a viable means for developers and owners to create or preserve affordable housing. Through the program, owners can generate proceeds to pay for renovation work and ensure the long-term preservation of affordable housing units through the sale of development rights. This is particularly noteworthy since preservation units represent 68 percent of the affordable units covered by the Housing New York Plan — the city's plan to create or preserve 300,000 affordable housing units.
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