Fall 2014Issue 24
Prestige Title Agency, Inc.

Prestige Title eNews

Fall 2014

RCandRP

Changes in Policy Allow Partial Sales of Mixed-Income Rental Buildings

 

Mixed-income rental building owners are now the subject of a large policy shift implemented by the Department of Law (DOL) of the State of New York on October 10, 2014. The goal of the change is largely that of preserving (and perhaps adding) affordable housing for NYC tenants and future homeowners.

 

As it currently stands, building owners who provide mixed-income rentals, are benefiting from government subsidies, such as bond financing, low-income housing tax credit and 421-a exemptions, awarded in exchange for reserving twenty percent (20%) of the units as income-restricted. These benefits protect the units for low-income tenants for a period of at least 30 years from any deregulation. However under the prior regulations of the DOL, these building owners were not allowed to sell their market-rate rental units, if they continued to operate income-restricted units. This prohibitive policy is exactly the issue that the new regulation seeks to remedy.

 

Click Here to read more 


 

If you have any questions or would like further information regarding any of the articles in this newsletter, please contact George Asllani, Esq.(gasllani@prestitle.com) or Anthony Chiellino (achiellino@prestitle.com) at (212) 651-1200. 
  
Also, if there are any topics that you would like us to include in future newsletters, please feel free to e-mail us with suggestions at info@prestitle.com
In This Issue
Announcements
We've moved.... our office is now located at 55 West 39th Street, 9th Floor, NY 10018.
  
Note that our telephone, facsimile and e-mail information remains the same.
  
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Did you know that Prestige Title handles Commercial transactions nationwide?

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Did you know that Prestige Research provides Coop Lien Searches at the low cost of $275?
   
Please contact Anthony Chiellino for further details at (212) 651-1200 or achiellino@prestitle.com.
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AddlAdditional Items of Interest

Changes in EPTL Allows Renunciation without Court Approval - Click Here


 

New Sprinkler Disclosure Riders to Residential Leases - Click Here 

 


If you have any questions or would like further information regarding any of the articles in this newsletter, please contact Keith Eng, Esq. (keng@prestitle.com) or Anthony Chiellino (achiellino@prestitle.com) at (212) 651-1200. 
 
Also, if there are any topics that you would like us to include in future newsletters, please feel free to e-mail us with suggestions at info@prestitle.com. 
 
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Prestige Title Agency, Inc. provides Commercial and Residential Title Services Nationwide. For more information, please contact Anthony Chiellino at (212) 651-1200 or achiellino@prestitle.com
  
  
55 W. 39th St. 9th Fl. New York, NY 10018 Tel (212) 651-1200 Fax (212) 651-1201
Member of New York State Land Title Association Member of American Land Title Association