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ARTICLE · 26 APRIL 2017

New 421-a Legislation

Herbert Smith Freehills Kramer LLP
Herbert Smith Freehills Kramer LLP
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These amendments to the Real Property Law, dubbed the "Affordable New York Housing Program," provide partial exemptions from real estate taxes for up to 35 years for qualifying projects in New York City that provide affordable housing.

United StatesReal Estate and Construction
James Power
James Power
Patrick Sullivan
Patrick Sullivan
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The recently adopted state budget bill included the long-awaited revisions to the 421-a program. These amendments to the Real Property Law, dubbed the "Affordable New York Housing Program," provide partial exemptions from real estate taxes for up to 35 years for qualifying projects in New York City that provide affordable housing.

Rental projects are eligible to receive an exemption from real estate taxes above the amount payable on the land and improvements prior to start of construction of the project:

  • 100% of the tax increase above the exemption base is exempt during the construction period.
  • 100% of the tax increase above the exemption base is exempt for the next 25 years.

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