Letter to Governor Cuomo and Legislative Leaders calling for the re-enactment of the 421-a real-estate tax exemption and permanent extension of the Private Activity Bond Allocation Act of 2014

SUMMARY

In a letter to New York Governor Andrew M. Cuomo and legislative leaders, the City Bar urged the re-enactment of the Revised 421-a Law and renewal of the Bond Allocation Act in order to avoid the virtual cessation of the construction of mixed-income rental buildings in New York City. Specifically, the letter, from the Committees on Housing & Urban Development (William Vidal and Daniel Weisz, Co-Chairs), Land Use Planning & Zoning (Ross Moskowitz, Chair), and Real Property Law (Lesley Horton Campbell, Chair), encourages the State Legislature and the Executive to: (i) re-enact the expired real-estate tax exemption in Section 421-a, subd. 16 of the New York Real Property Tax Law as revised in 2015; and (ii) renew, modify, and permanently extend the Private Activity Bond Allocation Act of 2014). Specifically, the Bond Allocation Act should: not subject “local” Bonds to review and approval by the Public Authorities Control Board or Empire State Development; advance the recapture date by one month; and mandate uniform reporting requirements.