Please note: The following tax incentive program is for developers and future or current property owners. If you are looking for an affordable apartment, please visit our Affordable Housing Hotline. Additionally, HPD's partners are required to advertise available affordable apartments in daily and local newspapers.
|
Article XI
|
Tax exemptions for HDFC-OWNED NEW CONSTRUCTION OR REHABILITATION of affordable housing
|
|
ELIGIBLE PROJECTS
|
New construction or rehabilitation of affordable housing carried out by a Housing Development Fund Company (HDFC). An HDFC is a corporation formed to build low-income housing. Each HDFC is individually chartered by HPDor the State Department of Housing and Community Renewal (DHCR).
|
|
BENEFITS GRANTED
|
Complete or partial exemption from real estate taxes for up to 40 years.
|
|
PROCEDURAL REQUIREMENTS
|
Tax Incentive Programs
(TIP) receives a request for Article XI exemption from either the
originating HPD loan/subsidy program or directly from the sponsor. TIP
conducts a review of the project, including its ongoing and
projected finances, to determine what level of exemption the project
requires in order to remain financially viable. The Sponsor must also
ensure that the project is in compliance with all HPD Sponsor Review
requirements. Once the appropriate level of exemption has been
determined by the Assistant Commissioner of Housing Incentives, a
request to the City Council is routed through HPD’s Intergovernmental
Unit. The City Council must calendar the item for consideration and pass a
resolution authorizing the exemption. After the Article XI resolution
is approved, the sponsor must request a Certificate of Eligibility to be
issued by TIP. Once the Article XI certificate is issued, the
Department of Finance implements the benefits.
|
|
HOW TO APPLY
|
Obtain additional information by calling (212) 863-8731, or writing to: Article XI Program, Tax Incentive Programs, HPD, 100 Gold Street, Room 3-Z8, NewYork, NY 10038.
|
