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    Search results for "421-a Tax Exemption"

    421-a Benefits Suspended for Failure to Comply

    Housing Preservation & Development  •  421-a Tax Exemption  •  Citywide

    NYC HPD

    Property owners face 421-a suspension for failure to submit Final Certificates of Eligibility. On March 9, 2018, Housing Preservation and Development Commissioner Maria Torres-Springer and Department of Finance Commissioner Jacques Jiha announced the suspension of 421-a benefits to more than 1,700 property owners. The decision to suspend benefits is part of the Housing Preservation and Development and Department of Finance’s initiative to ensure that properties comply with the 421-a application rules. Currently, there is a total of 11,022 apartments that are not in compliance with 421-a rules. These owners’ 421-a benefits represent $66 million in tax revenue for 2018. (more…)

    Tags : 421-a, Department of Finance, Housing Preservation and Development, tax exemption
    Date: 04/05/2018
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    421-a Property Tax Process Renewed

    CityLaw  •  Agency News  •  Citywide

    NYC HPD

    The revised Section 421-a offers new opportunities for affordable housing. The 421-a property tax exemption began in 1971 as an incentive for developers to develop badly needed housing in New York City. When the real estate market rebounded in the 80s, the program was amended to condition tax abatements on the construction of affordable housing units. The program expired in June 2016. In its place, the State Legislature passed the “Affordable New York” program in 2017. (more…)

    Tags : 421-a, housing, New York City Property Tax, property tax, RPTL 421-a
    Date: 03/07/2018
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    City Officials Agree to Tougher 421-a Enforcement

    City Council  •  421-a Tax Exemptions  •  Citywide

    421-a enforcementThe City Council, Public Advocate and administration officials agree that new measures should be taken to ensure 421-a compliance, proposed legislation is a good start. On November 22, 2016, the City Council’s Committee on Housing and Buildings and Committee on Finance held a joint hearing on the City’s enforcement of 421-a requirements. The meeting also served as a public hearing for three proposed bills to strengthen enforcement efforts. (more…)

    Tags : 421-a, Council Member Jumaane D. Williams, Council Member Stephen Levin, Department of Finance, Department of Housing Preservation and Development, NYC Public Advocate Letitia James
    Date: 11/30/2016
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    HPD Proposes to Implement Extension of Existing 421-a Affordable Housing Tax Abatement Program

    Uncategorized  •  Agency Rule  •  Citywide

    HPD brought charges of tenant harassment against an Aimco-owned building in the Upper West Side. Image credit: HPD

    The “421-a Extended Affordability Program Rules” would provide a 10 to 15 year extension to eligible buildings enrolled in the program prior to its expiration. On March 14, 2016, the Department of Housing Preservation and Development proposed two agency rules to extend the 421-a real property tax exemption program for those who already had been benefiting from the program prior to its expiration in June 2015. The State authorized HPD to promulgate the new rules via State Law from June 26, 2015.

    (more…)

    Tags : 421-a, affordable housing, RPTL 421-a
    Date: 03/29/2016
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    Manhattan Developer Pays $4.7 Million in Tax Evasion Settlement

    Court Decisions  •  Settlement  •  Murray Hill, Manhattan
    New York Attorney General Eric Schneiderman speaking at New York Law School, March 18, 2014.  Image credit: New York Law School

    New York Attorney General Eric Schneiderman speaking at New York Law School, March 18, 2014. Image credit: New York Law School

    Attorney General Schneiderman found the developer was operating a building as an illegal hotel while receiving a 421-a property tax exemption. On February 26, 2015 New York State Attorney-General Eric Schneiderman announced reaching a settlement with 47 East 34th Street LP over illegally evading New York property taxes. The LP owns an apartment building at 47 East 34th Street in Manhattan which is exempt from property tax under the 421-a program, however the Attorney General’s investigation found the building was operated as an extended-stay hotel, which is not permitted under 421-a rules. Under the terms of the settlement, the LP must pay New York City $4,446,153 in unpaid property taxes, pay New York State $275,000 to cover the costs of the investigation, and the LP must convert the building’s 110 units into rent-stabilized housing.

    (more…)

    Tags : 421-a, Eric Schneiderman
    Date: 03/02/2015
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