New Law Supports Affordable Student Housing in NYC

Posted By empire On June 26th, 2020 In Uncategorized

Empire advanced a law that ensures affordable housing for tens of thousands of NYC college students.   New Yorkers know how expensive it is to live in the city.  For college students the cost of living prices them out of the market and hampers their ability to finds affordable living spaces while pursuing their higher education.

Empire successfully passed a law that will allow the city’s largest non-profit student housing provider to grow their housing stock, making student housing more affordable.  The law authorizes the issuance of Dormitory Authority of New York (DASNY) tax-free bonds for Educational Housing Services Inc. (“EHS”), a not-for-profit organization, who has provided dormitory housing to college and university students in the New York City area for over 25 years.  It currently utilizes properties in Manhattan and Brooklyn and has an inventory of over 4,400 beds serving 10,000 students annually.

Given the skyrocketing cost of real estate in NYC, renting dormatory space has become difficult.  To give EHS the ability to purchase long term tax free bonds will ensure city college students will have a fun, safe and affordable home during their time in school.

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