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More than 1,700 city properties could lose 421-a tax breaks
The suspension from the affordable tax program is the result of property owners failing to complete necessary forms.
Durst Organization’s Queens megaproject is a go with 421-a replacement
Hallets Cove is back, with plans to bring seven buildings and 2,400 apartments to Astoria.
421-a’s revival, Affordable New York, incentivizes low-income housing
Developers will still get a city tax break in return for building lower-price rental units
New York’s $153B budget takes aim at homelessness, affordable housing
After failing to reach a consensus before the April 1 deadline this year, Governor Andrew Cuomo and state legislators finally came to an agreement Friday.
421-a’s revival, Affordable New York, is one vote away from enactment
The agreement strongly resembles the "Affordable New York" proposal put forth by Governor Cuomo early this year.
Latest 421-a bill may create more condos in the outer boroughs
In this newest proposal, buildings outside of Manhattan with up to 80 condos would be eligible for tax break program, which is an increase from the 35 units that Governor Andrew Cuomo had proposed in January.
NYC's affordable housing tax breaks have cost city billions
A new study by the Independent Budget Office finds that up to $2.8B has been squandered since 2005.
Affordable New York is the 421-a replacement the state is betting on
On Sunday, Cuomo’s office sent off this new bill to the state legislature for their approval, and with that missive they announced that the program will henceforth be known as "Affordable New York."
421-a tax break revival is already imperiled
It all seems to be a misunderstanding over the period of the tax exemption. When REBNY and BCTC released a joint press release last week it appeared that the tax exemption would be extended to 35 years on all buildings.
Developers, construction industry finally reach agreement on 421-a tax program
Almost a year after it expired, developers and construction workers have finally come to an agreement to extend the 421-a tax exemption program, often seen as a bedrock measure to encourage developers to include affordable units in their projects.
City tweaks 421-a to include housing for homeless New Yorkers
Under this new policy, half of the community preference units will now be set aside for people living in homeless shelters. As you can imagine, developers weren’t too thrilled by this relatively hush hush announcement.
Talks to revive 421-a tax break program inch forward
It appears that Governor Andrew Cuomo, developers, and workers unions are in the midst of closed-door negotiations to hammer out a final proposal to renew the program, which has seen the city lose over $1.2 billion in revenue this year.
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17 buildings where buyers can still score major tax breaks thanks to 421-a
The program may have expired in January, but some buildings are still benefitting
Cuomo proposes an alternative to expired 421-a program
For more than 40 years, the 421-a program gave developers tax incentives to build affordable housing, but it expired in January. Now, Governor Cuomo is attempting to broker a deal that would bring it back, in some form.
Another Astoria megaproject stalls following the lapse of 421-a
the impact on such mixed-income projects following the expiration of 421-a has been feared by many real estate analysts for some time now. Yet another project in the neighborhood to be affected by it was the Hallets Point megaproject.
Last-minute replacement for 421-a has some parties fuming
With the legislative session poised to end on June 16, the State Senate’s rules committee has advanced a compromise for 421-a. Not all those affected by the proposal are happy about it.
Report: Nearly Half of All Affordable Housing Created Under de Blasio Used 421-a
The program, which spurred development in the city for decades, expired in January and no renewal agreement has been reached.
De Blasio's Affordable Housing Agenda In Jeopardy Without 421-a, Lawyers Say
It's only been a couple of days since the zoning proposals were approved, but already real estate lawyers are doubting the program's effectiveness due to the lack of tax incentives for developers to build projects with affordable housing.
Could This Proposal Replace the Expired 421-a?
Program that spurred development across the city for decades expired in mid-January.
Number of New Condo Filings Down From This Time Last Year
Meanwhile, a big spike occurred ahead of the expiration of 421-a.
