The Industrial and Commercial Incentive Program (ICIP) was created in 1984 and replaced by the Industrial and Commercial Abatement Program (ICAP) in 2008. The programs were designed to stimulate economic development via tax exemptions and abatements for construction or rehabilitation of commercial, industrial, or mixed-use buildings. Builders and owners are required to file a CCU each year as part of their annual reporting requirement.
Did you enjoy this article? You’ll probably also like:
Our clients frequently ask whether their projects are eligible for New York City’s widely used Industrial & Commercial Abatement Program (ICAP). Although developers and property-owners have been utilizing ICAP (as well as its predecessor, ICIP) for a number of years, the question of project’s eligibility remains somewhat tricky to answer. In this post we’ll discuss […]
It has been nearly a year since the City clarified the rules related to Affordable New York Housing Program (new 421-a). However, the developers of rental buildings are still struggling with the previously unfamiliar processes of Housing Lottery and tenant selection for income-restricted units.