by: AIA New York
AIA New York is looking for specific feedback on how the expiration of the 421-a Tax Incentive program is impacting your firm and the projects in your portfolio. The 421-a Tax Incentive program is a partial property tax exemption for the construction of affordable housing as part of larger rental housing developments. The program was established in 1971 and, after having been closed, re-opened, and reorganized several times, expired in June 2022.
This survey will help AIANY to gauge the number of units, particularly affordable units, that have been impacted by the program sunsetting and are now stuck in the pipeline due to the completion date deadline. We are also collecting information on the neighborhoods these projects are located in.
The extension of the 421a completion deadline from 2026 to 2031 along with the creation of an equivalent 421a program are two of AIANY’s top legislative priorities for 2024. We appreciate your feedback to help us understand how our members have felt the direct impact of this policy.
All responses will be anonymous. We encourage you to respond by February 8, 2024!