In light of the looming 421-a(16) completion deadline of June 15, 2026, NYC has created a Housing At Risk Task Force (“HART”) to assist large housing projects. Qualifying projects include those with 100 or more dwelling units already vested for 421-a due to construction commencement on or before June 15, 2022. HART assists these projects in getting permits, inspections and TCOs needed to meet the 421-a deadline. Information about the HART program is available here.
Developers, purchasers and lenders of NYC under-construction multifamily projects will want to see if HART can help their project. If you’re interested and would like to learn more, please contact your trusted R&E attorney or Daniel M. Bernstein, who authored the above.