Fannie Mae (1938) and Freddie Mac (1970) were created with the end goal of promoting homeownership across the United States. Fannie Mae and Freddie Mac, both government-sponsored entities (“GSEs”), are publicly traded and...more
6/5/2025
/ Affordable Housing ,
Fannie Mae ,
FHFA ,
Financial Institutions ,
Freddie Mac ,
Government Agencies ,
Housing Market ,
Mortgages ,
Privatization ,
Regulatory Reform ,
Trump Administration
On April 8, 2025, the federal Affordable Housing Credit Improvement Act (“AHCIA”) was reintroduced in the House with 117 bipartisan co-sponsors from over 30 different states. The bill would expand the Low-Income Housing Tax...more
4/11/2025
/ Affordable Housing ,
Federal Funding ,
Housing Developers ,
Incentives ,
Legislative Agendas ,
New Legislation ,
Popular ,
Proposed Legislation ,
Real Estate Development ,
State and Local Government ,
Tax Credits ,
U.S. Treasury
Property owners who wish to challenge their tax assessment believing that their property is overvalued on the Oct. 1, 2024, Grand List only have a couple of weeks left to file a written appeal with the Board of Assessment...more
The City of Rochester recently became the largest city in New York outside of New York City to adopt “Good Cause” eviction protections in its local law. The enhanced rental protections include limitations on rent increases...more
The U.S. Congress is currently considering the “Accelerated Supply of Affordable Production [ASAP] Housing Act” (the “Act”), legislation to address the nationwide affordable housing shortage and surrounding real estate...more
10/30/2024
/ Affordable Housing ,
Bonds ,
Community Development ,
Housing Developers ,
Housing Market ,
Investors ,
Real Estate Development ,
Real Estate Market ,
Rental Property ,
Tax Credits ,
Urban Planning & Development
The U.S. Congress is currently considering the “Revitalizing Downtowns and Main Streets Act” (the “Act”), legislation aiming to address changes in the post-pandemic real estate market and the nationwide affordable housing...more
The Housing Construction and Community Development Committee is currently considering the Faith-Based Affordable Housing Act (the “Act”), a new law allowing religious corporations or certain religious nonprofit corporations...more
Governor Kathy Hochul recently signed Executive Order No. 30, entitled “Directing State Agencies, Authorities, and Entities to Prioritize the Allocation of Certain Discretionary Funds to those Localities that Promote the...more
During the waning hours of the 2023 legislative session, New York lawmakers passed the Affordable Housing Rehabilitation Program (the “Program”) to replace the lapsed J-51 tax break that expired on July 1, 2022. Similar to...more
State Senator Brian Kavanagh and Assembly member Grace Lee are calling for the 2023-2024 New York State budget to include $389 million in funding for the Emergency Rental Assistance Program (“ERAP”). Landlords, public housing...more
On March 6, 2023, the Federal Reserve Bank of New York (the “NY Fed”) released a case study analyzing the results of a survey of 15 managers of private investment vehicles in multifamily affordable housing from across the...more
On Tuesday January 10, 2023, New York Governor Kathy Hochul announced an ambitious, strategic plan to address New York’s statewide housing shortage. The proposal, called the New York Housing Compact (“Housing Compact”),...more
The 421-a tax exemption and rent stabilization program, also known as the affordable housing tax break, which affords real estate developers a tax break in developing affordable housing in New York City, has expired as of...more
On Tuesday May 4, 2021, Governor Cuomo signed an extension of the “COVID-19 Emergency Protect Our Small Businesses Act of 2021” (collectively, the “Act”) prohibiting residential and commercial evictions, foreclosure...more
5/7/2021
/ Commercial Leases ,
Commercial Mortgages ,
Coronavirus/COVID-19 ,
Credit Discrimination ,
Eviction ,
Foreclosure ,
Governor Cuomo ,
Landlords ,
Moratorium ,
New York ,
Residential Leases
The New York State Legislature has adopted legislation (S.9114 / A.11181) which extends the moratorium on residential evictions to more than one year from the initial Executive Order 202.8 in March of 2020, through May 1,...more
12/30/2020
/ Coronavirus/COVID-19 ,
Eviction ,
Extensions ,
Foreclosure ,
Governor Cuomo ,
Homeowners ,
Landlords ,
Property Owners ,
Re-Opening Guidelines ,
State and Local Government ,
State Legislatures ,
Tenants
While attorneys are still learning to navigate the changing landscape of evictions in New York as a result of certain Executive Orders and recent changes to Court Rules, the New York State legislature and Governor Cuomo have...more
First the Governor and now the Courts have moved the goal posts with respect to bringing and enforcing eviction actions against delinquent residential and commercial tenants in New York. Most recently, pursuant to an...more
On March 21, 2020, New York Gov. Andrew Cuomo issued New York Executive Order 202.9, “Continuing Temporary Suspension and Modification of Laws Relating to the Disaster Emergency" (the “Executive Order.”) The Executive Order...more
4/9/2020
/ Banking Sector ,
Banks ,
Borrowers ,
Consumer Lenders ,
Coronavirus/COVID-19 ,
Disaster Relief Fund ,
Executive Orders ,
Governor Cuomo ,
Lenders ,
New York ,
Small Business ,
Small Business Loans
Governor Andrew Cuomo signed Executive Order 202.7 authorizing “virtual notarization” through April 18, 2020. Subject to the limitation outlined below, this will allow numerous matters to move forward that could otherwise be...more
The social and economic impacts of COVID-19 have been sudden, pervasive and severe. With executive action by New York State’s Governor forcing many companies across varied industries to close their business locations and/or...more
A limited liability company (“LLC”) involved in either the sale or purchase of a one-to-four family dwelling in New York state must now disclose the names and contact information for all managers, owners and agents associated...more