New 421-a
** See the details about the new program in our step-by-step guide The New Program was implemented by HPD in October 2017 to replace the expired 421-a program. The provisions of the New Program create several affordability options. To qualify for the tax benefit, developers of all rental projects, regardless of location, must build, market […]
View ServiceOld 421-a
Still an Option for Some Developers! The previous 421-a program (421-a(1-15)) is a partial exemption for the new construction of Class A multiple dwellings. The benefits are available for projects that commenced work on the foundation prior to December 31, 2015. The rules are extremely intricate and require in-depth knowledge and strategic analysis during the […]
View ServiceJ-51
J-51 benefits are available in the form of both tax abatement and exemption for residential buildings subject to major capital improvements. The 6-20 year abatement allows for partial recoupment of capital expenditures. The exemption is triggered only if there is a physical increase in assessed value resulting from the improvements. For most projects, the exemption […]
View ServiceReinstatement of Benefits
Finance (via City rules) prescribes strict reporting requirements for most properties receiving various tax exemption and abatement benefits. Non-compliance may lead to diminution, suspension and even revocation of such benefits. If you believe that the City has wrongly deprived your property of a tax exemption or abatement, MGNY can help you contest the determination by […]
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