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Section 610 Affordable Housing Preservation Program

Sector: Commercial • Location: New York City, New York, United States

Source: Observer

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Section 610 of the Private Housing Finance Law allows owners of rent-stabilized affordable housing in New York City to collect the full amount of federal and local housing vouchers, even when that amount exceeds the building’s registered legal rent, without increasing what tenants pay. This program helps preserve affordable housing by providing building owners with additional income to cover risin

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The project “Section 610 Affordable Housing Preservation Program” is an infrastructure initiative in the Commercial sector, located in New York City, New York, United States. Taiyo aggregates data on it from Observer.

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Description

Description

Section 610 of the Private Housing Finance Law allows owners of rent-stabilized affordable housing in New York City to collect the full amount of federal and local housing vouchers, even when that amount exceeds the building’s registered legal rent, without increasing what tenants pay. This program helps preserve affordable housing by providing building owners with additional income to cover rising operating costs and repairs, thereby preventing deterioration of affordable housing stock.

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