UDAAP
The UDAAP Tax Incentive is a tax exemption for rehabilitation or new construction of housing in Urban Development Action Area Project (UDAAP) areas.
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Eligible projects include 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.
Up to 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 a UDAAP and authorizing exemption. HPD usually requests the resolution. HPD then issues a Certificate of Eligibility and the Department of Finance (DOF) implements the benefits.
Housing Preservation & Development311
