421a Revival

State lawmakers in Albany have revived the 421a developer tax abatement as part of the state's new budget.  The tax abatement, now called Affordable New York, allows for a 35-year tax abatement on new construction projects. The program releases $2.5 Billion to create 100,000 units of affordable housing and 6,000 units of supportive housing.  REBNY released a statement on Saturday saying "(Affordable New York) will result in the production of substantially more affordable rental housing that is critical for New York City's growth and future." 

For more about Affordable New York, click here