Tax Credits and Incentives

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Tax Credits and Incentives

  • *Important COVID-19 Updates* and About Tax IncentivesLearn about important COVID-19 updates and the agency's tax incentives for investments that benefit the public.
  • Low Income Housing Tax Credits (LIHTC)Tax credits for new construction or rehab projects with low-income set-asides.
  • 420-aComplete tax exemption for HDFC-owned housing with on-site social services.
  • 420-cComplete or partial tax exemption for low-income housing developed with tax credits.
  • 421-aPartial tax exemption for new multiple dwellings
  • 421-bPartial tax exemption for new construction or substantial rehabilitation or owner-occupied one- and two-family homes.
  • 421-gTax exemption and abatement for conversion of commercial buildings to multiple dwellings in downtown Manhattan.
  • 467-m *NEW*Affordable Housing from Commercial Conversions - partial tax exemption for affordable housing in new multiple dwellings created from commercial conversions.
  • 485-x *NEW*Affordable Neighborhoods for New Yorkers - partial tax exemption for affordable housing created in new multiple dwellings.
  • Article XITax exemption for HDFC-owned new construction or rehabilitation.
  • J-51As-of-right tax exemption and abatement for residential rehabilitation or conversion to multiple dwellings.
  • J-51 Reform *NEW* As-of-right tax abatement for residential rehabilitation of multiple dwellings.
  • UDAAPTax exemption for rehabilitation or new construction of housing in UDAAP areas.
  • Submit the Authorization LetterIf you choose to be represented by a filing representative, including an attorney who is acting as a filing representative, you must submit to HPD a letter giving such filing representative authority to make submissions. Please note that if you choose to be represented by a filing representative, HPD will only send correspondence to such filing representative. However, please also note that such filing representative shall not be issued any legal documents that are subject to other service requirements, including, but not limited to, any notices subject to the requirements of Chapter 39 of Title 28 of the Rules of the City of New York ("Revocation of Tax Benefits")."