“Relevant Press Release Summary”
At the press release earlier, Governor Hochul proposed an extension to the now expired 421-a program. While projects would still need to qualify with regards to the Commencement Date requirements, projects that cannot complete construction prior to the deadline – or can not obtain traditional financing due to a buffer that many lenders impose – can now complete construction by 2032. This is a 6 year extension to the original Completion Deadline of 6/15/2026.
Additionally, the Governor has announced that the previously proposed 485x will replace the 421a program. Stay tuned for further details of this new program – requirements, timelines, and benefits schedules.
Metropolitan Realty Exemptions will share additional information once they become available.