News & Publications

On Dec. 15, 2021, the City Council approved the City's rezoning plan for the SoHo and NoHo neighborhoods. The Council's action completed the legislative process, thereby turning the plan into law. The stated objectives of the plan include creation of significant opportunities for new housing, including affordable housing; introducing bulk and use regulations that better reflect existing conditions; strengthening the uniquely mixed-use character of the neighborhoods; and celebrating the unique architectural and creative legacies of [...]

Federal legislation enacted at the end of 2020 created a 4% floor for federal low-income housing tax credits associated with tax-exempt multifamily bonds, but was ambiguous with respect to projects still under construction with bonds issued before 2021. The 4% floor greatly increased the value of such credits because of currently low interest rates. On December 1, the IRS released new guidance on low-income housing tax credits specifically for projects with tax-exempt bond issuances and [...]

When you're in business for yourself, there's a lot to protect. If you've managed to secure a good location that's right for your needs and convenient for your customer base, it can really hurt to suddenly be uprooted because your landlord decides to sell. That's why you may want to see if you can work the right of first refusal (ROFR) into your lease. What's a right of first refusal? In essence, this is a clause that [...]