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New York developers pause deals, bracing for federal housing cuts
The Republican-led funding and staffing cuts to federal housing programs may not only reduce aid for low-income tenants, but also delay affordable housing projects in New York City, according to developers who rely on federal funding to make their projects work.
https://www.crainsnewyork.com/politics-policy/nyc-developers-pause-deals-bracing-federal-housing-cuts
>developers who rely on federal funding to make their projects work
When referring to developers in New York City who rely on federal funding for their projects, it's important to note that many large developers often leverage government programs, such as Low-Income Housing Tax Credits (LIHTC), New Market Tax Credits, or other federal financing options to make their projects financially feasible. These programs are typically used for affordable housing, mixed-use developments, and large-scale urban renewal projects.
Here are some notable developers who often engage with federal funding programs or public-private partnerships in NYC:
Related Companies – A major player in New York's real estate market, Related Companies has been involved in projects that receive federal and city funding, particularly for affordable housing development.
Tishman Construction – Known for large-scale construction projects, Tishman often partners with government agencies for urban development projects that include affordable housing elements or rely on tax credits.
Silverstein Properties – Although primarily focused on high-end residential and commercial properties, Silverstein has been involved in mixed-use developments that occasionally include affordable housing components funded by federal tax credits.
The Durst Organization – This developer has used federal tax incentives in some of their projects, particularly those that combine residential units with commercial space, often under affordable housing or green building initiatives.
Extell Development Company – While Extell is known for luxury condos and high-end residential developments, they have also utilized federal programs in the past to fund more affordable projects.
Brookfield Properties – Another major player in NYC real estate, Brookfield has participated in developments that incorporate affordable housing funding mechanisms.