Friday, 21 October 2016

NYC buildings where buyers can get tax breaks thanks to 421-a

The program may have expired in January, but some buildings are still benefitting

For about 45 years, the 421-a program spurred new residential development in New York City, offering tax abatements of up to 25 years. For developers, it offered an incentive to include affordable units in their buildings, and made it feasible for them to build on vacant land. The program expired in January when the parties failed to agree on terms for its renewal. While there is still no indication that a new version of 421-a is near, plenty of projects did get started before the expiration date, and are now benefitting from those tax abatements. Check out some of those, in handy map form.


No comments:

Post a Comment