(Getty, iStock/Illustration by Alexis Manrodt for The Real Deal)
The Privately Financed Affordable Senior Housing Program (“PFASH”), published in a term sheet by HPD in August of 2019, is coming to an end. Based on the Affordable Independent Residences for Seniors Program (“AIRS”) under the NYC Zoning Resolution, HPD’s PFASH Program provides developers with a regulatory agreement which is necessary in order to obtain a 1:1 floor area bonus for each square foot of AIRS floor area that is provided.
The PFASH Program provided a new method for developers to obtain a zoning bonus, which can also be used to fulfill the affordability requirements of the Affordable Housing New York 421-a program. The AIRS Program can be used in certain zoning districts City-wide that are outside of Voluntary Inclusionary Housing Designated Areas and R-10 zones.
Developers who wish to take advantage of the PFASH program while it is still available must submit an application and at least DD level building plans to HPD before March 30 2021 and must close with HPD on the Regulatory Agreement before June 30 2021.
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