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Directory of NYC Housing Programs

421-g Tax Incentive (421-g)

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 Street, City Hall, and the Brooklyn Bridge. Benefits of the program included a 1-year construction-period exemption, a 12-year exemption from the increase in real estate taxes resulting from the work, and a 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 tax benefits.

Program Information Help Icon

  • Alternative Name(s): Lower Manhattan Conversion Program
  • Supply/Demand: Supply
  • Category: Tax Incentives
  • Scale: Medium Scale (between 1,000 and 4,999 units)
  • Timeframe: 1995 - 2006
  • Occupancy tenure: Rental
  • Construction Type: Rehabilitation, Non-residential Conversion
  • Building Type: Multi-family
  • Developers/Owners: Non-profit, For-profit
  • Geographic Restrictions: Restricted to Manhattan, south of Murray Street, City Hall, the Brooklyn Bridge

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