OuterB on Queens Real Estate

Good news for lower and middle income Queens residents - legislation to create two affordable housing zones has been passed in Albany and is just waiting for Governor Spitzer to sign it. The law would “provide 25-year property tax breaks to developers who make at least 20% of their units affordable.”

This means that both residents and developers get satisfaction. Queens is a growing borough, and housing/rental prices are going up, up, up. The communities are worried about runaway housing prices. The affordable housing zone would be able to include residents that earn lower (less than 60%) than the borough’s median income level.

The areas in question are in Woodside (between 54th and 69th Sts. and 39th Ave. and Broadway), and in the Elmhurst, Jackson Heights, and Corona areas (69th and 94th Sts., 52nd Ave. and Northern Blvd. )

Related:
Affordable home zone [NY Daily News]

This entry was posted on Wednesday, June 27th, 2007 at 7:46 am and is filed under Corona, Elmhurst, Jackson Heights, Queens Real Estate. You can follow any responses to this entry through the RSS 2.0 feed. You can skip to the end and leave a response. Pinging is currently not allowed.