421-a Completion of Construction Extension. Are you vested? In April of this year, Governor Kathy Hochul announced a welcome extension of the 421a construction completion deadline for select projects. To…
HPD Unveils "421a Extension LOI" and "485x Registration Notice" HPD finally released their Letter of Intent ("LOI") for the 421a extension. This comes a few days prior to the deadline…
The New Housing Tax Incentive Programs: Adopted by the state legislator to increase housing production, the NYS budget for Fiscal Year 2025 introduced two new programs, in addition to extending…
"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…
Area Median Income: 2024 The Department of Housing Urban Development (HUD) has released the Area Median Income (AMI) for fiscal year 2024: The new AMI rents have increased by more…
On July 18, 2023 NYS Governor Hochul signed an Executive Order with the objective of facilitating residential projects currently under construction within the Gowanus rezoning area. The Executive Order paves…
January January 5th Taxable Status Date / Exemption Renewal Date January 5th The deadline for filing a Certificate of Continuing Use (CCU) renewal for 2023/24 January 15th 2023/24 Tentative Assessment…
Area Median Income:2023 The Department of Housing Urban Development (HUD) has released the Area Median Income (AMI) for fiscal year 2023: Note that the new AMI rents have increased by…
As a developer, it’s important for you to understand the distinction between the increase in rent stabilized rents amounts that are issued by the Rent Guidelines Board (RGB), and the…
You own a property in the newly rezoned Gowanus, but you have no intention of developing it in the near future. You probably want to move onto the next article,…
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…
The Mandatory Inclusionary Housing Program (MIH) was introduced in March of 2016, as part of Former Mayor DeBlasio’s “Five-Borough-Ten-Year-Plan” to battle the chronic housing crisis that plagues NYC. This Program…
Everyone who dabbled with any sort of new construction recently, surely heard about June 15, 2022. It was the date when the very popular 421(16) Tax Exemption Program expired, leaving…
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