News:
Owners Developers & Managers
Posted: February 8, 2022
Welcome Home Westchester campaign releases video on benefits of PILOTs
Armonk, NY In response to some common misunderstandings and misconceptions, the Welcome Home Westchester campaign released an animated video to explain the benefits of Payment in Lieu of Taxes (PILOT) and how it can be used to create essential workforce opportunities and to address the need for affordable housing.
The short video tackles a rather complex subject while breaking down the step-by-step process in an easy-to-follow, comprehensive manner. When participants in public meetings who are opposed to building the housing we need in their communities sometimes inaccurately portray this financial tool as a “gift to developers” or a “backroom deal,” members of the community and sometimes volunteers on local governing boards themselves may not understand the important role they play in developing housing, the transparency that goes into the review of applications, or the quantifiable economic benefits for the community.
“PILOTs are vital to the building process yet there are many misconceptions around them due to preconceived notions about their purpose and operation,” said Seth Mandelbaum, attorney and managing partner at McCullough, Goldberger & Staudt, LLP said.
“I applaud the Welcome Home Westchester Campaign and its partners for taking the initiative to create a video breaking down the complexity of PILOT programs. Hopefully, this will go a long way in educating the public.”
The Welcome Home Westchester campaign, formed in June to help combat the housing crisis in Westchester County, believes that the video will quickly bring interested members of the community up to speed and help them gain a more thorough understanding on how a PILOT works and the numerous benefits that it can bring to their communities.
“With this video, the Welcome Home Westchester campaign simplified the concept of the PILOT program as a beneficial tool to encourage development without diminishing its value,” Michael Murphy, of Murphy Brothers Contracting said. “Westchester County needs town boards and independent developers to sit at the same table and find the synergy to solve this housing crisis that affects us all.”
The full video can be viewed on YouTube https://youtu.be/k7o7cf8oKs0
For more information on the “Welcome Home Westchester” campaign, please visit welcomehomewestchester.org.
MORE FROM Owners Developers & Managers
GFP Development and CetraRuddy to speak at ICF “On the Future of City Living”
Manhattan, NY After the reveal of Wrey, the second office-to-residential luxury conversion by GFP Development and award-winning architecture and interior design firm CetraRuddy, two of its key design protagonists will speak at ICFF “On the Future of City Living.”
Columns and Thought Leadership
IREON Insights: Research and development tax credit: Very important deadline for amendments is July 6 - by Richard Levychin
If you are a company that either claimed or qualify for the research and development tax credit you need to be aware of the following update resulting from the One Big Beautiful Bill Act (OBBBA).
Hunt Commercial Real Estate Question and Answer: Evaluating the buyer - by David Hunt
The Purchaser: This is usually a subjective decision. As an example, a large public company may be a desirable purchaser because it is financially strong, but
Follow the upside: How NYC investors are rethinking real estate - by Thomas Donovan
In my earlier years of brokerage, my team had our investor list divided into five brackets – multifamily, retail, office, industrial and development. For the most part, multifamily investors only wanted to see multifamily
Hunt Commercial Real Estate Q&A: Location, location, location? - by David Hunt
In working with our clients, we break down our search objectives into two categories. The first category involves the specific needs of your business such as warehouse height, amount of office space and number of loading
