(DNAINFO) Jeanmarie Evelly | July 14, 2016 — 2030 Astoria Developers says it relies on the 421-a program’s revival to go ahead with its plans.

A second major affordable housing development touted as part of Mayor Bill de Blasio’s citywide intitiative is in jeopardy as a result of the state’s 421-a tax break program expiring, the developer told DNAinfo.

The builder behind the Astoria Covedevelopment — which would bring some 1,700 apartments, 27 percent of them affordable, to the Hallets peninsula — said without the 421-a a tax break, the project can’t move forward.

“Projects like this were conceived with the 421-a in mind,” John Mavroudis, principal of Astoria Cove’s 2030 Astoria Developers, said in a statement to DNAinfo Tuesday. “We rely on its reauthorization in order to move ahead.”

Source: Demise of 421-a Tax Break Stalls Second Major Housing Development – Astoria – DNAinfo New York