467-m AHCC Commercial Conversions

New York State has adopted the Affordable Housing from Commercial Conversions (AHCC) Tax Incentive Benefits program. Buildings previously used for non-residential purposes can be converted into eligible residential units for a property tax exemption.

Following construction and other affordability options specified by the program can grant a property tax exemption from 25–35 years. Construction of the eligible conversion commenced after December 31st, 2022 up to June 30th, 2031, with completion of the eligible conversion by December 31st, 2039 can qualify if they meet applicable requirements.

Please note that there are filing fees per dwelling unit due to HPD at certain times during the construction and application process. HPD reserves the right to update and establish program rules/procedures as they see fit.