Amendment to Rules Governing RPTL § 421-a(16) Workbooks

Effective date: September 19, 2026

Printable Version of Proposed Rule Text
421-a-Workbook-Proposed-Rule-Amendment.pdf

Printable Version of Adopted Rule Text
421-a-Workbook-Rule-Amendment-Notice-of-Adoption-for-publication.pdf

Hearing transcript
Public-Hearing-08.04.26.pdf

Hearing transcript audio/video
421-a16-workbook-rules-hearing-20260804-1901-1.mp4

Adopted rule summary:

As part of the application process for tax exemptions pursuant to Real Property Tax Law (“RPTL”) § 421-a(16), projects must submit a “Workbook” to HPD outlining, among other things, the specific affordability option that the project proposes to meet (Affordability Options A through G). In addition, housing developments are subject to a construction completion deadline to qualify for the 421-a(16) exemption. In 2024, the construction completion deadline was extended from June 15, 2026 to June 15, 2031 for projects that meet Affordability Options A, B, D, E or F and other obligations, including providing a “Letter of Intent” to HPD within the requisite time frame. This rule amendment authorizes changes to Workbooks that have already been approved by HPD for projects that have timely filed a Notice of Intent if: (a) such project’s approved Workbook identified the project as an Affordability Option C or G project, and (b) such project’s Letter of Intent and amended Workbook indicate that it is changing its Affordability Option to Affordability Option A, B, E or F.