L
awmakers and housing advocates have long pushed to expand the federal Low Income Housing Tax Credit program as a major funding source for building affordable housing. The Affordable Housing Credit Improvement Act, which would tweak this program in several ways, enjoys bipartisan support. However, previous attempts to build on the tax credit program have stalled due to other policy debates.

    This year, President Trump is seeking ways to fund various tax cuts, and some are suggesting that repealing LIHTC could raise $150 billion to help pay for those cuts. In anticipation of a potential reduction in available tax credits, city and state officials have been preparing alternative funding sources.

    In 2023, the Department of Housing Preservation and Development launched the Mixed Income Market Initiative, which provides financing for housing projects with at least 70% affordable apartments, including 15% for formerly homeless New Yorkers. However, these projects cannot use LIHTC funding. A new bill introduced by Sen. Rachel May aims to create a revolving loan fund that would provide low- and no-interest loans to developers building affordable housing.

    These programs are not meant to replace the tax credit program but demonstrate lawmakers' efforts to find alternatives while Congress figures out the future of LIHTC. Meanwhile, other news includes JPMorgan analyst predictions on Vornado Realty Trust's stock performance if CEO Steve Roth retires, and a City Council amendment to the Safe Hotels Act that exempts hotels with fewer than 100 rooms from subcontracting bans.

    In New York City, traffic congestion has decreased by 7.5% compared to projections, and former Gov. Andrew Cuomo leads in a poll of likely Democratic mayoral candidates. New York Republicans met with President-elect Donald Trump over the weekend but remain unclear on the SALT cap's future.

    Residential sales include a $7.2 million condo unit at 432 Park Avenue, while commercial sales feature an $14.4 million mixed-use building at 1590 East 19th Street. The highest-priced residential listing is a $45 million penthouse unit at 20 Greene Street in Soho.