Contact: Sunny Mindel/ Edward Skyler (212) 788-2958
This bill would extend through October 1, 2003, 421-a tax benefits in certain zoning districts of the City. The affected areas encompass the Lower Manhattan Business Improvement District and the Midtown Central Business District.
The extension of 421-a benefits in these areas will continue to encourage the construction of market rate and affordable low income housing units. The 421-a tax exemption program has fostered the construction of over 25,000 new units of housing in the 1990's throughout the City. In any given year, 2,000 to 4,000 new units are added to the City's housing stock through the utilization of the 421-a program. This program has been a successful part of my Administration's ongoing effort to encourage new housing construction in the City.
For the reasons previously stated, I will now sign the bill.