RPTL 421-a: Changes to the Utility Allowance and Income Limits
Rule status: Adopted
Effective date: January 21, 2022
Proposed Rule Full Text
Adopted Rule Full Text
Adopted rule summary:
Department of Housing Preservation and Development is adopting amendments to Chapter 51 of Title 28 of the Rules of the City of New York to revise certain requirements relating to utility allowances for buildings applying for tax benefits under New York State Real Property Tax Law (RPTL) Section 421-a(16).
Comments are now closed.
Online comments: 1
As the leading expert of filing 421a (16) applications for NYC developers, we are proposing the following changes the proposed amended rule:
1. The changes on a workbook (utility allowance) should be allowed if a specific time frame has passed from the time of workbook approval until the NOI wasn’t submitted on HC2.0. This will grant some flexibility for projects that are delayed in construction, and plans for utility responsibly has shifted.
2. The changes on the workbook (utility allowance) should be allowed if there was a change in ownership and the deed has been resigned. This will allow buyers of projects a greater pool of potential sales since they can be open to projects that are further into the 421a process (and have an approved workbook) without restrictions from the previous owner.