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Adopted Rules: Closed to Comments

Adopted Rules Content: 

HPD’s rule amendments implement the Affordable New York Housing Program adopted by the State Legislature in Chapter 20 of the Laws of 2015 and amended by Chapter 59 of the Laws of 2017. The Affordable New York Housing Program provides a tax exemption similar to the prior Real Property Tax Law Section 421-a exemption, but for buildings that commence construction after December 31, 2015.

Effective Date: 
Thu, 10/26/2017

Adopted Rules: Closed to Comments

Adopted Rules Content: 

New York Real Property Tax Law (RPTL) § 420-cwas originally enacted to provide tax exemption for non-profit sponsors which develop affordable housing with federal low income housing tax credits.  In 2004, RPTL § 420-c was amended by Chapter 522 of the Laws of 2004 to require that at least 50% of the controlling interest in an entity owning the property be held by a charitable or social welfare organization formed under 501(c)(3) or 501(c)(4) of the federal Internal Revenue Code.  The 2004 amendments eliminated the prior governmental loan requirement for RPTL § 420-c benefits and provided that the municipality must sign or approve a regulatory agreement requiring that the real property be used to provide low income housing for the entire term of the RPTL § 420-c tax exemption.  The 2004 amendments also authorized existing eligible projects to start receiving RPTL § 420-c tax benefits if they terminated any current tax benefits and executed new regulatory agreements.

The rule amendments add the 2004 statutory amendments to the current rules since the amendments apply to all RPTL § 420-c applications approved by HPD on or after September 28, 2004, the effective date of the amendments. They also make some technical changes to the existing § 420-c regulatory provisions.

 

Effective Date: 
Sun, 09/20/2015

Proposed Rules: Closed to Comments

Agency:
Comment By: 
Monday, August 3, 2015
Proposed Rules Content: 

New York Real Property Tax Law (RPTL) § 420-cwas originally enacted to provide tax exemption for non-profit sponsors which develop affordable housing with federal low income housing tax credits.  In 2004, RPTL § 420-c was amended by Chapter 522 of the Laws of 2004 to require that at least 50% of the controlling interest in an entity owning the property be held by a charitable or social welfare organization formed under 501(c)(3) or 501(c)(4) of the federal Internal Revenue Code.  The 2004 amendments eliminated the prior governmental loan requirement for RPTL § 420-c benefits and provided that the municipality must sign or approve a regulatory agreement requiring that the real property be used to provide low income housing for the entire term of the RPTL § 420-c tax exemption.  The 2004 amendments also authorized existing eligible projects to start receiving RPTL § 420-c tax benefits if they terminated any current tax benefits and executed new regulatory agreements.

The proposed rule amendments add the 2004 statutory amendments to the current rules since the amendments apply to all RPTL § 420-c applications approved by HPD on or after September 28, 2004, the effective date of the amendments. They also make some technical changes to the existing § 420-c regulatory provisions.

Subject: 

Proposed Amendments to Rules Governing Tax Exemptions under Real Property Tax Law section 420-c

Location: 
Department of Housing Preservation & Development
100 Gold Street Room 8-D09
New York, NY 10038
Contact: 

Elaine R. Toribio

Download Copy of Proposed Rule (.pdf): 

Proposed Rules: Closed to Comments

Agency:
Comment By: 
Friday, October 4, 2013
Proposed Rules Content: 

 

 

 

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.

 

 

Subject: 

Notice of Opportunity to Comment on Proposed Amendments to Rules governing tax exemptions under §421-a of the Real Property Tax Law of the State of New York.

Location: 
HPD
100 Gold Street, 9th Floor, Room 9-P10
New York, NY 10038
Contact: 

Elaine R. Toribio
TIP Director
100 Gold Street
Room 8-DO9
New York, NY 10038
(212( 863-7698