Tax Incentives

• 420-a Tax Incentive

  The 420-a Tax Incentive program provides a complete real estate tax exemption for an existing Housing...

• 420-c Tax Incentive

  The 420-c Tax Incentive program is a complete or partial property tax exemption for up to 60 years for low-income housing developed by non-profit organizations in partnership with for-profit developers. Eligible...

• 421-a Tax Incentive (Projects Under Regulation)

  The 421-a Tax Incentive program is a partial real estate tax exemption for new construction of housing. The program was established in 1971 and has been closed, re-opened, and reorganized several times. After the tax...

• 421-b Tax Incentive

  The 421-b Tax Incentive program was a partial property tax exemption for new construction, conversion, or rehabilitation of owner-occupied, single- and two-family homes. To receive the tax benefit, the reconstruction...

• 421-g Tax Incentive (Projects Under Regulation)

  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 the area in Manhattan, south of Murray...

• 50/30/20 Mixed-Income Program

  The 50/30/20 Mixed-Income Program combines a first mortgage (funded with proceeds from the sale of variable or fixed rate tax-exempt bonds) with a second mortgage (funded with New York City Housing Development...

• Article XI Tax Incentive

  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

  Disability Rent Increase Exemption

  The Disability Rent Increase Exemption Program (DRIE) exempts disabled renters from some or all rent increases, and exempts disabled limited-equity owners from their cooperatives carrying charges, capital...

• Extended Affordability Benefit Program

  The Extended Affordability Benefit Program is available to rental projects that began construction prior to July 1, 2008 and qualified for a 20-year or 25-year 421-a tax exemption. Owners who elect to...

• Extremely Low- & Low-income Affordability

  The Extremely Low- & Low-income Affordability Program (ELLA) funds the new construction of low-income multi-family rental projects affordable to households earning a range of incomes from 30-60 percent of Area...

• HomeWorks (Unavailable)

  Under HomeWorks small, vacant City-owned buildings were completely rehabilitated by experienced builders to create one- to four- family homes for sale to individual homebuyers at market prices. There were mostly no...

• J-51 Tax Incentive (Projects Under Regulation)

  The J-51 Tax Incentive program is an as-of-right tax exemption and abatement for residential rehabilitation or conversion to multi-family housing. Eligible projects for this program include: New York City Department...

• Low-Income Housing Tax Credit

  The Low-Income Housing Tax Credit (pronounced “Ligh-TECK”) program provides a dollar-for-dollar reduction in federal income tax liability for investors in rental housing that serves very low-income and...

• Multi-family Housing Preservation (Federal)

  The U.S. Department of Housing and Urban Development (HUD) Multifamily Program leverages public resources and private sector financing to rehabilitate, recapitalize and preserve privately-owned HUD assisted rental...

• Senior Citizen Rent Increase Exemption

  The Senior Citizen Rent Increase Exemption (SCRIE) Program exempts low-income renters who are 62 or older eligible from some or all rent increases, and exempts low-income senior owners eligible from their...

• State Low-income Housing Tax Credit

  The New York State Low-income Housing Tax Credit Program (SLIHC) is modeled after the federal LIHTC Program and provides a...

• StoreWorks (Unavailable)

  Established in 1997, StoreWorks funded the rehabilitation of small, vacant, mixed-use buildings owned by New York City and restored them to private ownership and active use. Rehabilitation of these buildings created...

• Urban Development Action Area Project Tax Incentive

  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...