You may qualify for this exemption if you are rehabilitating housing or building new housing on land that used to be owned by the City and has been designated by the City Council as an area in need of urban renewal. The City Council must pass a resolution designating each specific project an Urban Development Action Area Project (UDAAP) and authorize the exemption.
The NYC Department of Housing Preservation and Development (HPD) requests the resolution. Once the resolution is passed, HPD will issue a Certificate of Eligibility which will be forwarded to the Department of Finance (DOF). DOF implements and administers the benefit.
Up to a 20-year exemption from real estate taxes on the assessed value of the building. The exemption does not affect taxes on land value.
Please refer to the NYC Department of Housing Preservation and Development site to learn more about how to apply for this program.