In operation for more than a decade, Castellan Real Estate Partners focuses on redeveloping properties in New York City. John Salib strives to ensure that Castellan Real Estate Partners not only follows city and state-wide programs to build affordable housing but exceeds them. The Inclusionary Housing Program (IHP) addresses the high home prices in the city by requiring certain amounts of any given development to contain low-income housing units.
Housing complexes participating in the IHP are not composed of low-income housing units alone but are mixed-income developments. The three types of IHP zoning areas are mandatory, designated, and optional. Regardless of the zone, the architect multiplies the square footage of that development by the Floor Area Ratio (FAR) to obtain the total amount of developable space and turn it into housing units. The FAR is the ratio of square footage available for construction projects, determined by that district's building codes to the total lot size. In mandatory IHP zones, developers must include low-income housing in developments greater than 12,500 square feet. Four of New York city’s boroughs contain mandatory IH zones. In contrast, in designated IHP zones, developers receive a base FAR of 10, which may increase to 12, depending on the amount of qualifying housing built. R10, or optional, zoning districts abide by the same rules as designated ones, with one major difference. If a developer does not include low-income housing, they do not receive a FAR penalty.
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AuthorA fully integrated property investment and management firm, Castellan Real Estate Partners has served the greater New York City area for more than seven years. Archives
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