Proposed Rules for Commercial Conversion Tax Incentive and 485-x

Early this year, Governor Hochul and the New York State Legislature’s FY2025 Budget included a renewal 421-a program (485-x: Affordable Neighborhood for New Yorkers) and a commercial to residential tax incentive (467-m: Affordable Housing from Commercial Conversions). Now, the proposed rules for these two programs have been released by the NYC Department of Housing Preservation and Development. Comments on the proposal are due November 6!

Read the proposed rules here >