HPD - Developers - Tax Incentives

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Tax Incentives
420-a

420-a	Complete tax exemption for HDFC-OWNED HOUSING with SOCIAL SERVICES
ELIGIBLE PROJECTS	Projects which are: Owned or controlled by a not-for-profit Housing Development Fund Corporation, and; Assisted by the city or state, and; Subject to an agreement which: requires use as low-income housing, reserves a portion of the project for the homeless or persons with special needs, and requires that supportive social services for residents be provided.
BENEFITS GRANTED	Complete exemption from real estate taxes while the eligibility requirements remain satisfied.
PROCEDURAL REQUIREMENTS	The developer requests that the Tax Incentive Programs unit (TIP) certifies eligibility to the Department of Finance. After TIP does so, the Department of Finance makes a final eligibility determination and implements the benefits. The owner must submit two (2) copies each of its certificate of incorporation, the deed, the mortgage agreement or other evidence of a grant, loan or other assistance to the project from the City or State, and the regulatory agreement(s) or other written agreement(s) that govern property management.
HOW TO APPLY	420-a Application Instructions and Sample Owner Affidavit (PDF) Obtain additional information by calling (212) 863-5601, or writing to: 420-a Program, Tax Incentive Programs Unit, Room 3-V, HPD, 100 Gold Street, New York, NY 10038.

Please note: The following tax incentive program is for developers and future or current property owners. If you are looking for an affordable apartment, please visit our Affordable Housing Hotline. Additionally, HPD's partners are required to advertise available affordable apartments in daily and local newspapers.

Frequently Asked Questions