In April of 2024, as an incentive for the development of affordable housing outside of NYC, NYS enacted Real Property Tax Law (RPTL) Sections 421-p (“421-p”) and 421-p*2 (“421-p*2”), which authorize municipalities outside of NYC to pass local laws providing property...
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...
Glad to see Kathryn Brenzel of The Real Deal writing about major upcoming and recent NYS real estate deadlines including: December 14, 2024: Deadline for 485-x projects with a Commencement Date between June 16, 2022 and April 19, 2024 to register with HPD. 485-x...
In the August 15, 2024 New York Times Article, Plan to Build Thousands of Apartments Will Transform the East Bronx (https://lnkd.in/eA8uqk5Q), I was glad to read about this Bronx rezoning moving forward in anticipation of future commuter rail stations in the...
NYC’s new 467-m property tax exemption offers a substantial reduction in property taxes for non-residential properties converted to residential rental use but, unlike the expired 421-a property tax exemption, it imposes a new cash flow issue by requiring payment of...
R&E Member Daniel M. Bernstein moderated a panel discussion at the Bisnow New York Affordable Housing Event. Daniel directed the Bisnow discussion of the critical 485-x tax exemption, the 421-a (16) tax exemption and City of Yes proposed zoning amendments with...
Join R&E Member Daniel M. Bernstein and R&E Counsel Nick DiLorenzo on May 9, 2024 from 2:00pm – 3:30pm for a comprehensive analysis on the newly passed housing incentive laws. Take advantage of this opportunity to learn more about how these newly passed laws...
On April 20, 2024, as part of the Budget Legislation, NYS Governor Hochul signed into law major new and amended housing laws which will reshape residential development and ownership in New York City and New York State. Rosenberg & Estis, P.C. has been closely...
The U.S. Department of Housing and Urban Development has just issued the 2024 Area Median Income numbers for the NYC Metropolitan Area (“AMI”) which show an approximate 10% increase over 2023 AMI numbers. AMI numbers are typically used by regulatory agencies to...