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.
Mayor Bloomberg Signs Legislation Reforming 421-A Property Tax Exemption Program
421-a Legislation Overview
and FAQ
Street-level Maps of Future Geographic Exclusion
Area Under New 421-a Legislation:
Note: All of Manhattan (except
Roosevelt Island) is within the GEA
Bronx
Geographic Exclusion Areas (PDF)
Brooklyn
Geographic Exclusion Areas (PDF)
Queens Geographic
Exclusion Areas (PDF)
Staten
Island Geographic Exclusion Areas (PDF)
Citywide GEA
Overview (PDF)
NEW FEATURE: Click here for the 421-a Online
Application
New 421-a Rent Calculator (Excel Spreadsheet)
NEW GEA Rental
and Homeownership Affordability Calculators(Excel spreadsheet)
Click
here for the 421-a Online Application FAQ
For questions or inquiries about the 421-a Online Application, please contact
212-863-5760.
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421-a
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Partial tax exemption for NEW MULTIPLE DWELLINGS
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ELIGIBLE PROJECTS
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New construction of MULTIPLE DWELLINGS on lots which were vacant, predominantly vacant or improved with a non-conforming use three years prior to the start of construction. Buildings in the EXCLUSION AREA are not eligible unless they receive governmental assistance, contain 20% affordable units, or the owner participates in the 421-a Affordable Housing Production Program.
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| EXCLUSION AREAS |
Generally, buildings within these areas must meet additional affordable housing requirements.
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BENEFITS GRANTED
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Construction period exemption (up to 3 years) plus 10-year (2 years full + 8 years phase out), 15-year (11 years full + 4 years phase out), 20-year (12 years full + 8 years phase out), or 25-year (21 years full + 4 years phase out) post-construction exemption from the increase in real estate taxes resulting from the work.
The longer exemption periods apply in northern Manhattan, the other boroughs, other designated areas, and to projects that receive governmental assistance or contain 20% affordable units.
All rental units become subject to rent stabilization for the duration of the benefits, with initial rents set by the Tax Incentive Programs (TIP).
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PROCEDURAL REQUIREMENTS
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The developer applies to TIP and receives a Certificate of Eligibility. The Department of Finance implements the benefits. Benefits may be applied for once construction begins.
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| NOTICES |
Notice
of Opportunity to Comment on Proposed Rules Governing Tax Exemption under
§420-c, 421-a, 421-b, 421-g and 489 of the Real Property Tax Law
Notice of Adoption
of Rules Governing Tax Exemption under §421-a of the Real Property Tax Law
Notice
of Adoption of Rules Governing Tax Exemption under §421-a of the Real
Property Tax Law
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HOW TO APPLY
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Obtain additional information and request an application by calling (212) 863-8540 or download the following forms, which are available in .PDF format. To download and print them, you will need the latest copy of the Adobe Acrobat Reader. This program can be downloaded for free from this link:"Acrobat and the Web."
Submit completed application to: 421-a Program, Tax Incentive Programs, Room 3-Y10, HPD, 100 Gold Street, New York, NY 10038. There isa $100 application fee.
Declaratory ruling fee: $1,500
Summary of office hours:
Walk-in hours: Mondays and Wednesdays 10:00am-12:00pm and 1:00pm-3:00pm
Appointments: Tuesdays and Thursdays 9:00am-12:00pm and 1:00pm-4:00pm
No walk-ins or
appointments on Fridays. Customers may still call
customer service at (212) 863-8540 or for help on the online application, please call at (212) 863-5760.
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