In 2008, New York State passed the Long Island Workforce Housing Act, which is designed to increase the supply of affordable housing in Nassau and Suffolk Counties by requiring developers to set aside a portion of their developments for families who would otherwise be unable to afford a home.
The Long Island Workforce Housing Act of 2008 established:
- Ten percent of units in new developments of five or more units must be affordable to those who earn less than 130 percent of HUD area median income for Nassau and Suffolk Counties, adjusted for family size.
- In exchange, the developer receives a municipal density bonus of 10 percent that does not require zoning change.
- All purchasers of the affordable homes must attend free homebuyer education and mortgage counseling at LIHP.
- In lieu of building the affordable housing, there are two alternatives:
- Construction of the housing on a different site in the same municipality.
- Payment-in-lieu to a housing trust fund for acquisition, construction or rehabilitation of affordable housing. The formula is based on median housing price.
For the exact law, please click here.
If you have questions about the Long Island Workforce Housing Act of 2008 or need assistance meeting your requirements as a developer under the law, please contact James Britz at 631-435-4710.