What You Need to Know About the New 421-A Tax Break for Developers (DNAinfo)
DNAinfo, April 27, 2017
What You Need to Know About the New 421-A Tax Break for Developers
“The state’s controversial 421-a tax break for real estate developers is back after a two-year limbo, delighting developers and concerning some housing advocates who say it’s going to deprive the city of much-needed revenue. The program, which now goes by the moniker Affordable New York Housing, was passed with the support of Gov. Andrew Cuomo — who tied the state’s release of $2.5 billion in funding to build affordable and supportive housing to the tax break deal….The program now covers developments that began construction Jan. 1, 2016, through those starting by June 15, 2022. Also, projects that began construction in 2015 and before can also opt in and may be able to qualify retroactively if they meet certain requirements, explained Daniel Bernstein, an attorney with real estate law firm Rosenberg & Estis who will be co-moderating a May 4 panel at the New York City Bar Association on the new program. ‘The program reaches backwards and forward,’ Bernstein said. ‘I’m getting multiple calls a day for projects underway and new, potential projects.’”
