| Status |
Active (December 2022) |
Expired (1995-2006) |
| Eligibility requirements |
- Pre-conversion certificate of occupancy is for commercial
- Hotels are excluded
- Must convert to rental
- 25% of units as income- restricted and permanently rent- stabilized
- Commence construction after 12/31/2022 and by 6/30/2021.
- Completion by 12/31/2039
|
- Private or public ownership
- Class A following conversion of a non- residential building whiting the eligible area
|
| Affordability |
- 25% of units at weighted averaged of 80% AMI
- 5% of such units at 40% AMI
- 3 income bands, not to exceed 100% AMI
- Affordable units rent stabilized permanently
|
• All rental units required to be rent stabilized during the benefit period |
| Tax benefit and duration |
- During Construction: 100% tax exemption up to 3 years
- Years 1-30: 90% tax savings inside MPDA, 65% outside MPDA
- Year 31: 80% inside MPDA, 50% outside MPDA
- Year 32: 70% inside MPDA, 40% outside
- Year 33: 60% inside MPDA, 30% outside MPDA
- Year 34: 50% inside MPDA, 20% outside MPDA
- Year 35: 40% inside MPDA, 10% outside MPDA
|
- 12 year tax exemption for non- landmark buildings
- 13 year tax exemption for land mark buildings
- Non landmark buildings are fully exemption during the first 8 years after construction, after which exemption amount decreases by 20% until fully taxable
- Landmark building are fully exempt for the first 9 years after construction, after which exemption amount decreases by 20% until property is fully taxable
|
| Geographic scope |
New York City (Manhattan, Brooklyn, Queens, Bronx, Staten Island) |
Lower Manhattan (south of Murray street, City Hall the Brooklyn Bridge) |
| What triggered eligibility |
The City’s housing crisis incentivizing conversion of vacant and/or obsolete commercial properties into residential rental properties |
Revitalization of Lower Manhattan following the early 1990s office vacancy crisis |
| Who administered it |
New York City Department of Housing Preservation and Development (HPD) |
New York City Department of Housing Preservation and Development (HPD) and the New York City Department of Finance (DOF) |
