In December 2022 the New York State Private Housing Finance Law (PHFL) was amended to allow owners of affordable housing properties to collect rents above the Legal Regulated Rent so long as a Regulatory Agreement is in place with a State or Municipal Agency, Public...
The NYC Department of Finance (DOF) released the 2023/24 tentative assessment roll on January 17, 2023. The Tax Commission application filing deadline to protest your assessed value is March 1, 2023. Market values and taxable values increased for tax classes 2 and 4...
Please be advised that NYC has expanded the Augmented CityFHEPS subsidy program to include applicants in the Housing Connect lottery system qualifying for CityFHEPS benefits and currently residing in a DHS shelter. Augmented CityFHEPS will pay the advertised rent...
As an update to Rosenberg & Estis, P.C.'s upcoming 421-a Webinar (Part 1 of 3): Wage Issues, we are pleased to announce the addition of R&E Litigation Member Michael T. Carr who will join Daniel M. Bernstein, Member and Leader of R&E's Tax Incentives &...
On November 15, 2022, DHCR held a public hearing concerning the agency’s proposed amendments to the Rent Stabilization Code (“RSC”), as required by the State Administrative Procedure Act (SAPA). Our review of the proposed RSC amendments showed that DHCR had exceeded...
NFP, ICIP, & ICAP Renewals If you own or lease a NYC property that is currently receiving one of the following property tax benefits, please note that the NYC Department of Finance (DOF) renewal filing period has begun and the online renewal portal is now open...
Tax Cert Petitions are due Monday, October 24, 2022. If you haven’t settled your property tax protest - such as when the Tax Commission made no offer, hasn’t yet made a determination, or you rejected the offer - then your tax cert attorney typically files a petition...
Dear Clients, On August 31, 2022, DHCR released its long-awaited proposed amendments to the Rent Stabilization Code, Tenant Protection Regulations, and NYS and NYC Rent & Eviction Regulations. DHCR says that the proposed amendments are intended to address the...
On June 21, 2022, the New York City Rent Guidelines Board (“RGB”) held a final vote on annual rent increases for rent stabilized apartments and loft leases commencing between October 1, 2022 through September 30, 2023. The Guideline increases are as follows: 1 year...
Dear Clients: Owners, lenders and potential purchasers of NYC multifamily properties subject to regulatory agreements with public agencies should be aware of a positive development from the recently concluded NYS legislative session which was passed by the legislature...