Will the New 485X Tax Credit Lure Developers Back Into Construction Mode?
July 08, 2024
Two hundred years from now archeologists will ask: Why do so many apartment complexes in Brooklyn and Queens have 149 units?
This is obviously an exaggeration, but Hudson Companies David Kramer used it to make a point, and I think that the magic number may actually be 99.
I had the pleasure to attend The Real Deal conference and contemplate some of thoughts and ideas of David Kramer, Sam Charney from Charney Companies LLC and the Executive Director of the Community Housing Improvement Program (CHIP), Jay Martin.
David was referring to the new 485X program and how developers will do anything to get away from the new wage requirements and not meet certain thresholds.
Is 485x going to solve a real problem or is it just better than doing nothing. Read on and decide for yourself 🏘