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420-a Tax Incentive

Program (?) 420-a Tax Incentive
Program Description

The 420-a Tax Incentive program provides a complete exemption from real estate taxes for an existing HDFC that provides affordable housing and supportive services using city or state financial assistance. The program requires the building to be used as low-income housing, more often than not reserves a portion of the project for the homeless and people with special needs, and provides supportive social services for residents. Residents with an annual income of up to 80 percent of AMI are eligible for the housing provided under the program.

Benefit Classification (?)  
Supply or Demand Supply
One-Time or Ongoing Ongoing
Benefit Type (?) Property Tax Incentive
Government Agency (?) NYC Dept of Housing Preservation and Development
Program Information (?)  
Scale Large Scale (between 5,000 and 9,999 units produced)
Timeframe 1982-Present
Developer/Owners (?) Non-Profit
Property Information (?)  
Property Occupancy Occupied
Property Type Building
Building Type Multi-family
Construction Type Not Applicable
Occupant Tenure (?) Rental
Occupant Income Restrictions (?) Low-Income
Other Targeting Information (?)

Portion of projects must be set-aside for homeless and people with special needs

More Information NYC HPD
Justia Law
Available on CoreData.nyc? No

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