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ARTICLE · 25 JANUARY 2022

Governor Hochul Releases Revisions To 421-a Program

Herbert Smith Freehills Kramer LLP
Herbert Smith Freehills Kramer LLP
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Gov. Kathy Hochul this week released a proposed revision to the 421-a "Affordable New York" program, in connection with her FY2023 Executive Budget proposal.

United StatesReal Estate and Construction
Patrick Sullivan
Patrick Sullivan
Valerie G. Campbell
Valerie G. Campbell
Gary R. Tarnoff
Gary R. Tarnoff
James Power
James Power
Paul D. Selver
Paul D. Selver
Elise Wagner
Elise Wagner
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Gov. Kathy Hochul this week released a proposed revision to the 421-a "Affordable New York" program, in connection with her FY2023 Executive Budget proposal. The new program would be known as the "Affordable Neighborhoods for New Yorkers" (ANNY) tax incentive and would be contained in Section 485-w of the Real Property Tax Law. The proposal follows a framework similar to that of the existing 421-a program, but with deeper affordability required and with new affordability options for small rental projects and homeownership projects.

The legislation would simplify the affordability options currently allowed, reducing the number of options from six to three:

  • A new Option A would apply to any rental project with 30 or more units. This option would require that 25% of the units in a building be affordable, with:
    • 10% of the units affordable to households at or below 40% of area median income (AMI)

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