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The loft conversions were more profitable to the landlords than industrial use. [1] By 1977, the New York City Department of City Planning found that 91.5 percent of the conversions were illegal [ 2 ] and 44.9 percent of those lofts were occupied by heads of households who were artists. [ 3 ]
The Act was amended in 2002 to close a loophole related to condominium conversions after the 1995 Act. Owners of an apartment building may obtain a new certificate of occupancy due to a condo conversion even without then selling any converted units. In such case, the rental units do not become exempt from rent control under the Act. [54] [55 ...
intended and operated for occupancy by persons 55 years of age or older, and-- (i) at least 80 percent of the occupied units are occupied by at least one person who is 55 years of age or older (ii) the housing facility or community publishes and adheres to policies and procedures that demonstrate the intent required under this subparagraph; and
The Morning Sun Senior Lofts project is a $16 million residential complex that will offer 41 units for seniors 55 and older in the former East Vandergrift Elementary School at 434 McKinley Ave ...
Currently, HUD estimates 50% AMI for the Asheville Metropolitan Area is $32,700. The Lofts at Swannanoa has also applied for a $379,787 loan from the Affordable Housing Services Program.
The law was administered by the New York City Loft Board. The 1982 Loft Law should not be confused with the artists' loft law, Article 7-b of the New York State Multiple Dwelling Law nor with rent control legislation, which limits the ability of landlords to increase the rent of certain long-term tenants. The artists' loft law requires that the ...
Senator Martin Malave Dilan introduced the "Expanded Loft Law" in the Senate in 2010. The 2010 version of the bill is coded as S7178A. [1] The bill was amended in May 2010 and passed in the New York State Assembly (A05667C [2]) on June 3, 2010. On June 8, 2010, the New York State Senate passed the “Expanded Loft Law”, bill S7178A.
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