421-a is a program established in 1971 that offers a property tax exemption to as a general incentive to develop housing. The program has been modified a number of times; most recently in 2017 where it was renamed the Affordable Housing New York program. Apartments built with 421-a tax exemptions are subject to the provisions of the Rent Stabilization Laws during the exemption period. Thus, 421-a tenants share the same tenancy protections as stabilized tenants and initial rents approved by HPD are then confined to increases established by the Rent Guidelines Board.
421a is listed under:
DevelopmentHousing
Rental Subsidies + Tax Breaks
Rental Subsidies + Tax Breaks
