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.
Tax exemption and abatement for conversion of COMMERCIAL BUILDINGS TO MULTIPLE DWELLINGS (Downtown Manhattan)
Conversions of commercial buildings or portions of buildings to MULTIPLE DWELLINGS with an Alteration Type 1 permit dated on or before June 30, 2006, in most of the areas in Manhattan south of Murray Street/City Hall/the Brooklyn Bridge.
Construction period exemption of 1 year. 12-year (8 full years + 4 years phase out) exemption from the increase in real estate taxes resulting from the work and a 14-year (10 years full + 4 years phase out) abatement based on the existing real estate taxes in year one of the benefit term. New York City landmarked projects get one additional year of full benefits.
All rental units become subject to rent stabilization for the duration of the benefits.
|NOTICE||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 |
Thedeveloper applies to Tax Incentive Programs (TIP) and receives a Certificate of Eligibility. The Department of Finance implements the benefits.
HOW TO APPLY
Obtain additional information and request an application by calling (212) 863-6603. You may also download 421-g forms (in PDF) here.
Submit completed application to: 421-g Program, Tax Incentive Programs, HPD, 100 Gold Street, Room 8-D07, New York, NY 10038.
Declaratory ruling fee: $1,500
There is an application fee of $1,500 + $250 per dwelling unit on application (maximum of $25,000), payable to "NYC Department of Finance."