New Tax Incentives and Zoning Policies for Housing Production in NYC
A terrific article by Herrick (https://www.herrick.com/news/nycs-new-housing-production-tax-zoning-incentives/) addresses New York City’s affordable housing program allowing a transformative change with the introduction of legislative amendments to expand housing construction. The modifications of the 421-a program to 421-a(16) has been extended until June 15th, 2031 and allows developers tax benefits while ensuring a percentage of affordable housing. A key component of this program is that foundations must have been completed prior June 15, 2022 One of the challenges in taking advantage of this program is that foundations would have been completed prior to vertical construction starting. This “prior work” is getting a great deal of scrutiny from insurers and we are seeing more and
