Cuomo: Deal Reached on Affordable Housing Tax Incentive

ALBANY, N.Y. (AP) -
New York Gov.Andrew Cuomo (AP Photo/Richard Drew)
New York Gov. Andrew Cuomo (AP Photo/Richard Drew)

New York Gov. Andrew Cuomo says there’s a deal to revive a defunct development-tax incentive used to create affordable housing in New York City.

Cuomo, a Democrat, said organized labor and the Real Estate Board of New York have come to an agreement that would allow for more affordable housing in the city and set wages for the workers involved in the projects.

The previous failure to strike a deal led to the expiration of the tax incentive, known as 421a.

The agreement requires legislative approval. Cuomo urged lawmakers to return to Albany to act on the proposal. Unless they convene a special session yet this fall, lawmakers are now due back at the Capitol in January.