The Real Deal New York

From the June issue: A certain kind of document, formed by an agreement between low-income developers and the Housing Preservation Department, gives developers until June 30, 2009, to break ground on their projects and avoid both a $65,000 assessment cap and 20 percent low-income requirements. Needless to say, these certificates — dubbed “golden” certificates by their brokers — have skyrocketed in value, because they will soon be the only way to beat the assessment cap and low-income requirements.