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Directory of NYC Housing Programs

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421-b Tax Incentive Program

Program (?) 421-b Tax Incentive Program
Program Description

The 421-b Tax Incentive program was a partial property tax exemption for new construction, conversion, or reconstruction of owner-occupied, single- and two-family homes. To receive the benefit, the reconstruction cost must have been at least 40 percent of the pre-reconstruction assessed valuation. Construction must have commenced prior to July 1, 2006. For private dwellings that commenced on or after July 1, 2002, construction must have been completed no later than July 1, 2009. Eligible projects received a construction period exemption from taxes (other than assessments for local improvements) upon any increase in assessed valuation over the prior assessed valuation for up to two years and a post-construction period benefit of an eight-year tax exemption.

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 1979-2009
Developer/Owners (?) For-Profit, Non-Profit, Owner-Occupant
Property Information (?)  
Property Occupancy Vacant
Property Type Land, Building
Building Type One- to Four-family
Construction Type Rehabilitation, New Construction, Non-Residential Conversion
Occupant Tenure (?) Homeownership
Occupant Income Restrictions (?) No Restrictions
More Information NYC HPD
Available on CoreData.nyc? No

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