• Agency: NYC Department of Housing Preservation and Development (NYC HPD)
• Status: Currently Available

The Urban Development Action Area Project (UDAAP) Tax Incentive is a real property tax exemption for rehabilitation or new construction of housing on formerly city-owned land, including properties that were transferred to a third party through Local Law 37, in an area which the City Council determines to be in need of urban renewal. 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.