Dear Clients and Colleagues:
If you haven’t already signed up for the NYSAFAH Annual NYC Conference at the Marriott Marquis Times Square on May 16th, I urge you to do so.
Beginning at 12 noon on that day, I will be leading a panel discussion at the Conference on the subject of the new Affordable Independent Residences for Seniors Program (“AIRS”), which is poised to become a valuable asset in most multi-family residential developers’ tool kits in the near future. AIRS was part of the recent ZQA amendment to the Zoning Resolution, but so far, very few developers know anything about it. Under the AIRS Program, a developer who provides at least a certain percentage of housing units that are permanently affordable to senior citizens can obtain a zoning bonus, in a manner somewhat similar to the Inclusionary Housing Program (but with some different program requirements). However, the AIRS Program can be utilized City-wide and outside of Inclusionary Housing Designated Areas and R-10 zones. The AIRS Program can also be paired with 421-a or 420-c tax exemptions.
Joining me on the panel will be Louise Carroll, Associate Commissioner of Housing Incentives at HPD, Jenna Breines, Director of the Senior Affordable Rental Apartments Program at HPD, David E. Gross AIA, principal of the architectural firm of GF55 Partners NY and Jeff Fox, a principal of Foxy Management, which specializes in the development of affordable and senior housing.
I look forwarding to seeing you there.
Attorney at Law
Seiden & Schein, P.C.