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Article XI Tax Incentive

Program (?) Article XI Tax Incentive
Program Description

Created by Article XI of the New York Private Housing Finance Law, the Article XI Tax Incentive encourages new construction or rehabilitation of affordable housing to be carried out by a HDFC. The process for approval is as follows: the Tax Incentive Programs Unit (TIP) of HPD receives a request for Article XI exemption from the project sponsor. TIP conducts a review of the project, including its ongoing and projected finances, to determine what level of exemption the project requires in order to remain financially viable. Once the appropriate level of exemption has been determined, the City Council must calendar the item for consideration and pass a resolution authorizing the exemption. If approved, the Article XI certificate is issued by TIP and the Department of Finance implements the tax benefits. The benefit consists of complete or partial exemption from real estate taxes for up to 40 years.

Benefit Classification (?)  
Supply or Demand Supply
One-Time or Ongoing One-Time
Benefit Type (?) Property Tax Incentive
Government Agency (?) NYC Dept of Housing Preservation and Development
Program Information (?)  
Scale N/A
Timeframe 1967-Present
Developer/Owners (?) For-Profit, Non-Profit
Property Information (?)  
Property Occupancy Occupied, Vacant
Property Type Land, Building
Building Type Multi-family
Construction Type Rehabilitation, New Construction
Occupant Tenure (?) Rental
Occupant Income Restrictions (?) Low-Income
More Information NYC HPD
Available on CoreData.nyc? No

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