Gov. Kathy Hochul this week released a proposed revision to the 421-a “Affordable New York” program, in connection with her FY2023 Executive Budget proposal. The new program would be known as the “Affordable Neighborhoods for...more
Many of our clients have asked us how they can avail themselves of the state’s revamped 421-a tax exemption program — the Affordable New York Housing Program — on a project that is also subject to the city’s Mandatory...more
The recently adopted state budget bill included the long-awaited revisions to the 421-a program. These amendments to the Real Property Law, dubbed the “Affordable New York Housing Program,” provide partial exemptions from...more