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    Search results for "Affordable Housing"

    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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    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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    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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