Jorge Madruga affordable housing
Jorge specialize in acquisition of land and/or existing real property to develop commercial real estate, he has done developing for partners that focus on new affordable housing and this is another way Jorge Madruga help others to meet current and future housing demands, these efforts include large-scale, mixed-income developments that help revitalize communities, supportive and senior residences that serve some of the most vulnerable among us, and homeownership opportunities that help working class New Yorkers own a piece of their neighborhoods. .
The Affordable Housing Program designates a% of the units in an Affordable Housing Project to be occupied by applicants who earn up to a % of the Annual Median Income (AMI).
Affordable housing is usually achieved through a combination of below-market loans, subsidies, and tax incentives offered in exchange for a set of affordability terms written into a regulatory agreement for a set period of years, usually no less than 30, and sometimes permanent.
According to the The New York City Housing Development Corporation (HDC) ( https://www.nychdc.com/), the Adams administration has strongly advocated for a range of new tools and proposals to build significantly more affordable housing across the city.
Key proposals include:
Building More Affordable Homes: Collaboration with Albany is essential to renew a new affordable housing tax incentive, facilitate office conversions for affordable homes to significantly increase the construction of affordable homes and remove the FAR cap to give the City the flexibility it needs to create more housing where appropriate.
Creating a City of Yes: The ‘City of Yes for Housing Opportunity’ set of zoning reforms stands as a critical step, entirely within the City’s control, toward creating a healthier vacancy rate. By taking a citywide approach to building a little more housing in every neighborhood, the proposal addresses the root causes of the crisis.
Increasing Federal Resources: First, the Senate must follow the House’s lead and immediately pass The Tax Relief for American
Families and Workers Act, which includes provisions that could help finance an additional 4,400 affordable homes in New York
City over the next two years.Then, Congress must increase funding for the federal affordable housing programs.
This crisis highlights the imperative to act swiftly and decisively, focusing on the urgent need to construct more housing, especially affordable housing. The ‘City of Yes for Housing Opportunity’ initiative, which will be referred for public review this spring and is expected to be voted on by the City Council before the end of the year, presents a bold and comprehensive approach to building a more inclusive and accessible future for all New Yorkers.
In this sense, Jorge Madruga and Maddd Equities have emerged as a leader in development and to keep housing production sustainable and aligned with New York City’s changing demographics.
Maddd Equities, sometimes known simply as ‘Maddd,’ is a real estate development firm with expertise in a broad range of real estate disciplines, including investment, development, construction, and asset management. Maddd acquires, owns, develops and operates properties across many asset classes, including workforce housing, luxury high-rise buildings, hotels, and commercial developments. Maddd Equities is a leader in affordable housing throughout New York City’s five boroughs, building quality workforce housing for low and middle-income New Yorkers.
