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 ››
The Industrial Corridor Project is an initiative designed to connect Babylon's diverse and growing industrial and commercial business centers. Through the Industrial Development Agency, data on every major business within the Town is being collected, including what factors the private sector considers in making decisions about expansion, relocation, etc.
By creating a network of industry clusters, more businesses will be able to connect regarding possible synergies, IDA benefits, and Town and County issues. The IDA hopes to foster a new sense of shared community and public read more ››
Developers, capital sources and public agencies teamed up for a $11.7 million upgrade of a property in North Amityville, N.Y.
Babylon, N.Y.—An affordable housing community in the town of Babylon in Long Island, N.Y., went through an extensive rehabilitation process that aims extend the affordability of the development for another 20 years.
The newly renamed Plaza at Amityville, formerly known as Andpress Plaza, is located in the North Amityville area of Babylon and was built in 1983 with federal housing financing. Earlier this year, the Town of Babylon read more ››