NYU Furman Center Sign Up Facebook Twitter LinkedIn
CoreData.nyc

Directory of NYC Housing Programs

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 participate receive an additional 10 years of 50% exemption for 25-year benefit properties, or an additional 15 years of 50% exemption for 20-year benefit properties. During this extended benefit period, the owner is required to rent at least 20% of the units to households whose income does not exceed 100% of AMI (and whose average income does not exceed 80% of AMI). This is simply a 10- or 15-year extension of the existing affordability requirement applicable to such projects. In addition, the owner is also required to rent at least 5% of the units to households whose income does not exceed 130% of AMI.

Program Information Help Icon

  • Supply/Demand: Supply
  • Category: Tax Incentives
  • Scale: Very Large Scale (over 10,000 units)
  • Timeframe: Started 2016
  • Occupancy tenure: Rental
  • Construction Type: New Construction
  • Building Type: Multi-family
  • Developers/Owners: Non-profit, For-profit

More Resources

View all programs

Search

Filter By

Tags