RPTL Section 421-a Rule Amendment

Adopted Rules: Closed to Comments

Agency:
Effective Date: 
Friday, April 25, 2014

 

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 amending 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 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.  Buildings located on tax lots existing on or after June 21, 2005, the effective date of Real Property Tax Law §421-a(6), can be considered one contiguous development, which constitutes one of the potential types of covered projects, even if their buildings are separated by streets, sidewalks or street intersections, provided that they otherwise would be adjacent for at least ten linear feet. All tax lots apportioned from such tax lots shall be deemed part of one contiguous development.