R&E hosted an in-house Developer / Operator Lunch-and-Learn on March 2, 2020 that addressed the ways in which the HSTPA has affected 421-a properties. Due to high demand, the seminar was followed by a repeat meeting on March 4, where members Daniel M. Bernstein and Nicholas Kamillatos once again discussed the major topics surrounding affordable housing in light of the HSTPA of 2019, like 421-a(16) and under 421-a(1-15) aka “Old 421-a”)(collectively, “421-a Properties”); the implications of HSTPA on design, rent restrictions, required services and leasing terms for 421-a Properties; how have lenders reacted to the HSTPA changes with respect to 421-a Properties; and which best practices should be adopted in response to these changes.
