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    Search results for "421-a Tax Exemptions"

    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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    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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    City Council Holds Oversight Hearing on 421-a Program

    City Council  •  Oversight  •  Citywide
    Council member Jumaane D. Williams chairs the oversight hearing on 421-a tax exemptions. Image credit: William Alatriste/New York City Council

    Council member Jumaane D. Williams chairs the oversight hearing on 421-a tax exemptions. Image credit: William Alatriste/New York City Council

    HPD Commissioner Been, others testify on effectiveness of the program.  On January 29, 2015 the City Council Committee on Housing and Buildings held an oversight hearing on the 421-a tax benefit program. The program, established in 1971 by the New York State Legislature, was designed to spur residential development of underused land by granting a property tax reduction to developers for a period of ten to twenty-five years, with an objective of increasing affordable housing access for low-income residents.  The program was most recently renewed by the Legislature in 2011, with a pending expiration date of June 15, 2015, and a cost of $1.1 billion in foregone tax revenue in fiscal year 2013.

    (more…)

    Tags : 421-a, Commissioner Vicki Been, Council Member Antonio Reynoso, Council Member Brad Lander, Council Member Helen Rosenthal, Council Member Jumaane D. Williams, Council Member Ydanis Rodriguez, Housing and Buildings Committee, Housing Preservation and Development
    Date: 02/03/2015
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    New York State Assembly Housing Committee Chair Keith Wright Proposes Bill to Subsidize Affordable and Senior Housing

    New York State Senate  •  Affordable Housing  •  Citywide
    New York State Assembly Housing Committee Chair Keith Wright. Image credit: The Office of Assembly Member Keith Wright

    New York State Assembly Housing Committee Chair Keith Wright. Image credit: The Office of Assembly Member Keith Wright

    The bill seeks to fill the gap left open by the expiration of 421-a, the decades-old tax exemption program that expired on January 1, 2016.  On March 15, 2016, New York State Assembly Housing Committee Chair Keith Wright, who represents Manhattan, introduced Assembly bill A9537, which would provide for new, taxpayer-funded affordable housing subsidies and job training programs. If enacted, the bill would incentivize the construction of affordable housing and affordable senior housing through subsidies, rather than tax exemptions.

    (more…)

    Tags : 421-a, affordable housing, Assembly Member Keith Wright, legislation, New York State Assembly, New York State Assembly Housing Committee, RPTL 421-a
    Date: 03/31/2016
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