Slate Property Group founders Martin Nussbaum and David Schwartz recently visited The Real Deal’s offices, where they voiced support for income averaging at properties that qualify for the Low Income Housing Tax Credit, or LIHTC.
As it stands, an individual’s income at buildings that receive the tax credit cannot exceed 60 percent of the area’s median income. The new method would allow developers and landlords to combine that figure among all tenants — thus opening the door to ultra low- and middle-income earners.
“So you could do some at 30 percent, some at 40 percent, some at 100 percent,” Schwartz said. “I think in New York we have a huge homeless crisis, so we have to hit these very low income people, and at the same time, I think the middle class has been priced out of New York.”
Watch the above video for more insight, and click here to see the full interview.