Available · Incentive Program

421-a (16) Affordable New York Housing

NYC HPD — Affordable housing

Program421-a (16)
Max exemptionUp to 35 years
Service IDSVC-421A

About this service

As of April 2017, the 421-a (16) Affordable New Housing Program is available to new multiple dwelling or homeownership projects that commence construction between January 1st, 2016, and June 15th, 2022, and are completed on or before June 15th, 2026.

The tax incentive program provides partial exemptions from real estate taxes for up to 35 years for qualifying projects in exchange for the inclusion of Affordable Units. NYRETS is able to inform our clients of the 421-a requirements and guide them with the filings required by the New York City Housing Preservation & Development (HPD).

Highlights

  • Up to 35-year exemptions
  • HPD filing guidance
  • Affordable unit compliance
  • New construction focus

Service details

Program
421-a (16)
Max exemption
Up to 35 years

Scope

Agency
NYC HPD

Requirements

Requirement
Affordable unit inclusion

Coverage

Coverage
New York City

How to get started

  • For incentive program assistance, call 718-273-3080 ext. 2.
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