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Implementation of the Affordable Housing From Commercial Conversions Tax Incentive Benefits Program

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Rule status: Adopted

Agency: HPD

Effective date: January 15, 2025

Proposed Rule Full Text
Proposed-Rules-for-RPTL-467-m.pdf

Adopted Rule Full Text
Final-Rules-for-RPTL-467-m.pdf

Adopted rule summary:

The adopted rules implement the Affordable Housing From Commercial Conversions Tax Incentive Benefits Program (RPTL Section 467-m), which was enacted by the State Legislature in Chapter 56 of the Laws of 2024.

Comments are now closed.

Online comments: 1

  • Jay Hauben

    First, NYC desperately needs deeply affordable housing, not mixed housing. Deep tax exemptions should only go to developers or owners who are willing to provide only units affordable by low and moderate income New Yorkers. The mixed housing model has failed since 1973 when the federal government stopped supporting public and limited equity cooperative housing.
    Second, why limit these conversions to rentals? The Mitchell-Lama co-op model has proven to be the only model for sustainable affordability. I urge the HPD to more seriously consider how to increase the number of M-L like co-ops in NYC. These conversions would be a good opportunity to include new limited equity co-ops.

    Comment added November 6, 2024 1:19pm