Have you filed your Letter of Intent (LOI) to qualify for
Completion Date extension (until June 15, 2031)?
Developers of and lenders to vested 421-a projects have until September 12, 2024 to file a LOI with NYC’s Department of Housing Preservation & Development (HPD) to qualify their projects for an extension of time (until June 15, 2031) to achieve a Completion Date. Without timely filing an LOI with HPD, projects will have to meet the original Completion Date deadline (June 15, 2026 — less than two years away).
News reports indicate fewer LOIs have to-date been filed than HPD expected. Do not miss this opportunity to help preserve the value of your vested 421-a property. For more information about filing the LOI, please see our previous update located here.
For assistance filing an LOI or for any 421-a or tax incentive related matters, please contact Daniel M. Bernstein, head of R&E’s Tax Incentives & Affordable Housing Department, who authored this alert.