Amendments to Rules governing tax exemptions under 421-a of the New York State Real Property Tax Law
Proposed Rules: Closed to Comments
Statement of Basis and Purpose of Proposed Rule
Real Property Tax Law §421-a provides a real property tax exemption for new multiple dwellings. HPD determines eligibility for §421-a real property tax exemptions. HPD is proposing amendments to Chapter 6 of Title 28 of the Rules of the City of New York (the "421-a Rules") in order to clarify the requirements for obtaining §421-a benefits in the Greenpoint-Williamsburg Waterfront Exclusion Area, whose boundaries are spelled out in Real Property Tax Law §421-a(6)(a)(ii). Real Property Tax Law §421-a(6) limits benefits in the Greenpoint-Williamsburg Waterfront Exclusion Area to "covered projects» as defined in Real Property Tax Law §421-a(6)(a)(i) that meet the affordability requirements specified by Real Property Tax Law §421-a(6)(b) (20% of the dwelling units at or below 80% of AMI or 10% at or below 80% AMI plus an additional 15% of the units at or below 125% of AMI). The proposed rule amendment clarifies the requirements for one type of covered project that would be eligible for benefits in this area if it meets the prescribed affordability requirements. Such covered projects can be considered one contiguous development even if their buildings are separated by streets or street intersections provided that they otherwise would be adjacent for at least ten linear feet.