The NYC Department of Finance requires owners of income-producing properties to file an annual Real Property Income and Expense (RPIE) statement. It must be completed accurately and filed properly and on time or there could be monetary fines and other penalties.
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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.