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420-c Tax Incentive

Program (?) 420-c Tax Incentive
Abbreviation 420-c
Program Description

The 420-c Tax Incentive program is a complete or partial property tax exemption for a term of up to a maximum of 60 years for low-income housing developed by non-profit organizations in partnership with for-profit developers. Eligible projects for the tax exemption are owned or leased for at least 30 years by a corporation, limited partnership (LP), or limited liability corporation (LLC), of which at least 50 percent of the controlling interest is held by a tax-exempt 501(c)(3) or (4) charitable organization that has a focus on low-income housing. Approval is subject to an HPD regulatory agreement that requires that at least 70 percent of the units in the building to be formerly financed with federal low-income housing tax credits, and that the building is used as low-income housing. HPD may impose a payment in lieu of taxes (PILOT) as a condition for the exemption. 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 1992-Present
Developer/Owners (?) For-Profit, 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 (?)

Must participate in the Low-Income Housing Tax Credit program

More Information NYC HPD
Available on CoreData.nyc? Yes
Last Updated June 2018
Data Source New York City Department of Finance
CoreData.nyc Notes

All unit level data is aggregated to the property level. Data from New York City Department of Finance accessed December 2017.

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