421a(15) Benefits Previously Implemented May Still be At Risk…

HPD has stepped up enforcement to replenish their lost pre-COVID revenue by revoking YOUR benefits! Rather than examining the future of the tax exemptions programs, the city council is focused on projects that have already taken advantage of the previous 421-a(1-15) tax break.

Pursuant to 28 RCNY Chapter 39, HPD is advancing Determination Notices and/or Revocation Notices to all properties they find missing documentation or updated records that property owners are required to maintain related to the mandated requirements. The notice says “Such revocation shall require the repayment of all the taxes that have been owed to the City absent of the tax benefits. Furthermore, such revocation does not exempt any unit in the property from the continuing obligation to comply with the requirements of the tax benefits, including rent stabilization.”

To protect your 421a tax benefits, it is crucial that you complete all outstanding annual DHCR filings immediately!

An ounce of prevention is worth a pound of the cure!

Reach out today to Metropolitan Realty Exemptions today!

Our priority is to support you and safeguard the benefits that are well deserved and crucial to succeed!

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