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Urban Development Action Area Project Tax Incentive

Program (?) Urban Development Action Area Project Tax Incentive
Abbreviation UDAAP
Program Description

The Urban Development Action Area Project Tax Incentive (UDAAP) is a real property tax exemption for rehabilitation or new construction of housing in UDAAP areas. UDAAP areas are designated by the City Council. Developers receive up to a 20-year exemption from real estate taxes on the assessed value of the building. The exemption does not, however, affect taxes on land value.

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 Small Scale (between 1 and 999 units produced)
Developer/Owners (?) For-Profit, Non-Profit
Property Information (?)  
Property Occupancy Vacant
Property Type Land, Building
Building Type Multi-family, One- to Four-family
Construction Type Rehabilitation, New Construction
Occupant Tenure (?) Rental, Homeownership
Occupant Income Restrictions (?) No Restrictions
More Information NYC HPD
Available on CoreData.nyc? No

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