New law requiring massive disclosures on affordable housing passes City Council

TRD New York /
Jul.July 26, 2012 11:30 AM

The City Council has approved a controversial new law requiring more transparency for affordable housing projects for which developers receive subsidies, Crain’s reported. The statute will require the Department of Housing Preservation and Development, the city agency responsible for the creation and financing of affordable housing, to disclose detailed information on how developers are selected for affordable housing projects. HPD will even have to disclose the wages earned by any worker employed on an affordable housing project, according to Crain’s. Builders have said the new law could cost them millions.

“[This legislation] is a win for affordable housing and a win for conscientious developers who adhere to worker safety mandates and the state’s labor laws,” City Council Speaker Christine Quinn said in a statement provided to Crain’s.

HPD was less enthusiastic about the sweeping new law. “The council has included provisions in this bill that do nothing to further transparency or protect the public interest,” HPD commissioner Mathew Wambua, said in a statement to Crain’s. [Crain’s] — Guelda Voien


Related Articles

arrow_forward_ios
Brad Hargreaves and a project illustration (Credit: Francesco Sapienza)

NYC is banking on Common to deliver affordable beds

From left: REBNY President James Whelan, Housing Preservation and Development Commissioner Louise Carroll and State Senator and Housing Committee Chair Brian Kavanagh (Credit: Facebook, Twitter, Getty Images, iStock)

De Blasio official thinks rent board will be kinder to landlords

Housing Preservation and Development Commissioner Louise Carroll

City crafting overhaul of landlord tax break

Louise Carroll (Credit: Twitter)

De Blasio selects Louise Carroll as new
HPD chief

Vicki Been (Credit: NYU)

Mayor taps Vicki Been as new housing czar

City taps developers, nonprofits for two Hudson Yards projects

City taps developers, nonprofits for two Hudson Yards projects

Richman Group lands $189M for massive East Harlem project

Richman Group lands $189M for massive East Harlem project

NYC is suing lenders over “zombie homes”

NYC is suing lenders over “zombie homes”

arrow_forward_ios