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

Comment by date: August 4, 2026

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

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). HPD’s current rules only allow Workbooks to be changed after they are approved by HPD under limited circumstances. 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. HPD is proposing a rule change that would authorize post-approval changes to Workbooks for projects that have 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.

Send comments by

• Email: [email protected]
• Mail: New York City Department of Housing Preservation and Development, 100 Gold Street Room/Floor: 9Y-3 ; New York, New York 10038

Public Hearings

Attendees who need reasonable accommodation for a disability such as a sign language translation should contact the agency by calling or emailing [email protected] by July 28, 2026