| Factor |
467-m (CURRENT) |
421-g (EXPIRED — Historical) |
| Status |
Active — created in FY2025 NYS budget |
Expired — was available in the 1990s through early 2000s |
| Geography |
Current eligible area — confirm from DOF guidance |
Was limited to Lower Manhattan below a specific boundary |
| Building type covered |
Office buildings converting to residential |
Commercial buildings converting to residential in Lower Manhattan |
| Affordability requirement |
Current 467-m set-aside percentage and AMI levels from DOF guidance |
Required affordable units as a condition of the benefit |
| Benefit structure |
Abatement period and phase-down schedule from current DOF guidance |
Provided property tax abatement for a fixed benefit period |
| Can I apply today? |
Yes — if the building meets current eligibility criteria |
No — program has expired; no new applications accepted |
| Why does it matter historically? |
N/A — this is the current program |
421-g drove the Downtown Manhattan conversion wave of the 1990s–2000s and produced thousands of residential units in what is now a thriving residential neighborhood |
Bottom line: 421-g is expired — if you read an article mentioning 421-g as an available program, that article is out of date. The current conversion incentive is 467-m. If your building is considering conversion, the first question is whether it qualifies for 467-m — and that starts with a call to a tax attorney and DOF guidance.
