Thousands of affordable apartments in mixed-income buildings are at risk as affordability agreements from the 1990s begin to expire. Without action, these units could shift to market-rate, displacing working families and reducing the city’s already limited affordable housing stock. The Affordable Housing Retention Act (AHRA), a new state law, aims to preserve these expiring units and expand access to homeownership.
In a webinar hosted by Nixon Peabody, housing leaders including Sabrina Lippman (CEO, Habitat for Humanity New York City and Westchester County), Matthew Dunbar (Chief Strategy Officer, Habitat NYC and Westchester), and Basha Gerhards (SVP of Planning, REBNY) discussed how the AHRA works and why it matters in today’s housing landscape. Here are some key takeaways.
What the AHRA does
- Preserves affordable units in buildings where affordability protections are ending.
- Allows partial condo conversions with just 15% of units in contract (previously 51%).
- Requires affordable units to be permanently rent-stabilized and transferred to nonprofit organizations.
Why nonprofits matter
- Affordable units go to mission-driven nonprofits, not private developers.
- These nonprofits manage the units long-term and can help tenants buy their homes through limited-equity co-ops.
Why the AHRA is important
This is what’s possible when the public, private, and nonprofit sectors align around a common goal: preserving long-term affordability and expanding pathways to homeownership in New York City. The AHRA offers a practical solution to preserve affordability, protect tenants, and promote homeownership — without requiring new construction or additional public subsidy.
“This is the kind of win New Yorkers need — and deserve.” — Sabrina Lippman, CEO, Habitat NYC and Westchester
Watch the webinar here.