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421-g Tax Incentive Program

Program (?) 421-g Tax Incentive Program
Alternative Name(s) Lower Manhattan Conversion Program
Program Description

The 421-g Tax Incentive program was a real estate tax exemption and abatement for conversion of commercial buildings, or portions of buildings, into multiple dwellings in most of the areas of Manhattan south of Murray Street, City Hall, and the Brooklyn Bridge. Benefits of the program included a construction period exemption of one year, a 12-year exemption from the increase in real estate taxes resulting from the work, and 14-year abatement of about 80 percent of the real estate taxes paid on the property before conversion. All rental units become subject to Rent Stabilization for the duration of the benefits.

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 Medium Scale (between 1,000 and 4,999 units produced)
Timeframe 1995-2006
Developer/Owners (?) For-Profit, Non-Profit
Property Information (?)  
Property Occupancy Vacant
Property Type Building
Building Type Multi-family
Construction Type Rehabilitation, Non-Residential Conversion
Occupant Tenure (?) Rental
Occupant Income Restrictions (?) No Restrictions
Other Targeting Information (?)

Geographic Restrictions

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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