Babylon, NY (July 31, 2017) – The Babylon Industrial Development Agency (IDA), in partnership with Farmingdale State College, recently released an Economic Impact Study (EIS) of transactions completed between 2011 and 2015. During this time, 80 transactions incentivized by the Babylon IDA are responsible for creating nearly read more ››
Matthew McDonough: CEO of Babylon IDA at Copiague Commons affordable housing complex. || Photo by Judy WalkerHuntington Councilwomen Susan Berland and Tracey Edwards: Trying to make housing more affordable in places like Huntington Village. || Photo by Judy Walker
Faced with an increasingly strong demand and very weak supply of affordable rental housing, a couple of Long Island municipalities are enacting new laws to force developers to address the situation.
The movement comes at a time when Long Island is facing a rental crisis, namely that the cost for so-called affordable read more ››
The Babylon Industrial Development Agency has adopted an affordable housing policy meant to boost the construction of low-cost rental units in the town.
The IDA policy is the first of its kind on Long Island, agency officials said.
The Babylon agency’s seven-member board voted unanimously Tuesday to approve the new requirements, which officials said they hope will alleviate the local shortage of affordable rentals and the financial burden it places on Babylon’s workforce.
Under the new policy, developers seeking Babylon IDA tax breaks to build housing with five read more ››
The Babylon Industrial Development Agency has adopted a “landmark provision” designed to address one of the Long Island innovation economy’s great needs: affordable housing.
The Babylon IDA on Tuesday passed what it called a “significant policy initiative” targeting future housing developments within town borders. Designed in collaboration with the Long Island Housing Partnership, the policy requires that owners of new developments applying for IDA benefits meet a 20 percent affordable-housing requirement – meaning at least one out of every five read more ››
In an effort to reverse “brain drain” and provide much-needed affordable housing options for Long Island’s workforce, the Town of Babylon Industrial Development Agency just approved new rules for rental projects it assists.
The Babylon IDA adopted the new policy Tuesday that requires any new rental housing development that receives IDA benefits to set aside 20 percent of the apartments for residents earning up to 60 percent of the area median income (AMI). Based on current numbers, the affordable units would be available to one person earning no more than $44,600 a year; two people read more ››