As of Right and Discretionary Residential Property Tax Incentive Programs:

• 485-x: Affordable Neighborhoods for New Yorkers (“ANNY”)

Applies to projects commencing on or after June 16, 2022, providing up to 40 years of property tax exemption benefits, including 100% exemption from increased property taxes due to new construction. Requires 20–25% affordability, with benefits tied to project details, successor to expired 421-a program. Key Features:

• Permanent rent stabilization for affordable units.
• Construction wage thresholds for projects with 100+ units.
• MWBE participation goals of 25% for design and construction contracts.

[Learn more here → Brochure, Video interview]

• 467-m: Affordable Housing from Commercial Conversions (“AHCC”)

Applies to projects commencing after December 31, 2022. Offers up to 90% property tax exemption for projects converting non-residential buildings into mixed-income rentals, with at least 25% of units affordable. Considerations:

• Permanent rent stabilization for affordable units.
• Restrictions on expanded Gross Cubic Content.
• Optimization strategies for phased conversions.

[Learn more here →Brochure, Video interview]

• 421-a: Affordable New York Housing Program (“ANYHP”)

Applies to eligible residential construction projects with a “Commencement Date” on or before June 15, 2022. Offers a 100% exemption from increased property taxes due to new construction for up to 35 years.

• Includes rent stabilization for affordable units.
• Construction wage requirements for larger projects.
• Market-rate units may be exempt from rent regulation under certain rent thresholds.

[Learn more here → Brochure]

• J-51R: Property Tax Abatement for Residential Renovations

Incentivizes renovation of rental and homeownership buildings, offering tax abatements based on certified construction costs. Eligibility Includes:

• Rentals with 50% of units ≤ 80% AMI or receiving government assistance.
• Cooperatives/condos below assessed value thresholds.

Note: Pre-commencement filing is critical to preserve benefits. [Learn more here →Article, Webinar]

• 420-c: Exemption for Tax Credit-Financed Affordable Housing

Grants up to a 100% property tax exemption for LIHTC-financed projects owned by not-for-profits or partnerships with not-for-profit control.

• Applies to low- and moderate-income housing.
• Community facilities (Use Groups 3 or 4) may qualify.
• Requires HPD regulatory agreement

• Article XI: Private Housing Finance Law

A discretionary NYC property tax exemption program replacing property tax with a “shelter rent” formula for eligible affordable housing projects. Highlights:

• Up to 40 years of exemption.
• Minimum 65% affordability required.
• Requires HPD and City Council approval.