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 for REHABILITATION OR NEW CONSTRUCTION of housing in UDAAP AREAS
Rehabilitation or new construction of housing on formerly city-owned land, including properties that were transferred to a third party through Local Law 37, in an area which the City Council determines to be in need of urban renewal.
Upto a 20-year (10 years full + 10 years phase out) exemption from real estate taxes on the assessed value of the building. The exemption does not, however, affect taxes on land value.
The City Council must pass a resolution designating the project an Urban Development Action Area Project (UDAAP) and authorizing exemption. HPD usually requests the resolution. Tax Incentive Programs (TIP) then issues a Certificate of Eligibility and the Department of Finance implements the benefits.
HOW TO APPLY
Obtain additional information by calling (212) 863-5601. Submit completed application to: UDAAP Program, Tax Incentive Programs, HPD, 100 Gold Street, Room 8-C, New York, NY 10038. There is no application fee.