Community Board 8 meets once every month between September and June on the second Thursday of each month at various locations throughout the District. At these meetings, issues of concern to the community are addressed. These meetings are open to the public, where individuals are grantedan opportunity to voice concerns and gather information on issues that are given very little publicity.

This hearing on sub-prime lending is being held by the State Senate Democratic Conference, whose members include State Senator Velmanette Montgomery.

The goals of this hearing are as follows:

• Develop definitions for a sub-prime home loan, a "rate spread mortgage."
• Examine the practice of "loan flipping."
• Develop protections for consumers of sub-prime home loans.
• Discuss potential civil and criminal penalties.
• Discuss disclosure requirements and resources.

Persons wishing to present testimony should contact Susan Leung of State Senator Velmanette Montgomery's office at (718) 643-6140.

Community Board 8 meets once every month between September and June on the second Thursday of each month at various locations throughout the District. At these meetings, issues of concern to the community are addressed. These meetings are open to the public, where individuals are grantedan opportunity to voice concerns and gather information on issues that are given very little publicity.

Community Board 8 meets once every month between September and June on the second Thursday of each month at various locations throughout the District. At these meetings, issues of concern to the community are addressed. These meetings are open to the public, where individuals are grantedan opportunity to voice concerns and gather information on issues that are given very little publicity.

The real property tax exemption created by Section 421-a of the Real Property Law (421-a) was enacted in the 1970's. It was designed to encourage the creation of multi-unit dwellings at a time when New York City's residential housing market was in a crisis. The residential housing shortage has persisted to the present and has skewed the market for housing to the detriment of moderate/middle income tenants. By the terms of its statute, the 421-a Tax Exemption Program will expire in December 2007.

The purpose of this hearing is to examine the need for the 421-a program. The hearing also seeks public input on viable proposals to enhance the 421-a program in such a way as to address the affordable housing crisis. In addition, the hearing gives the public a forum in which to comment on Assembly Bill 4408.

More information, including a registration form for community members interested in testifying, is available at http://assembly.state.ny.us/comm/Housing/20070216/.

PLANYC is an initiative of the Mayor's office to plan for the growth of New York City between now and 2030. More information is available at http://www.nyc.gov/html/planyc2030/html/home/home.shtml.