Cuomo revives affordable housing tax break
Gov. Andrew Cuomo said on Sunday that he plans to introduce legislation to create a new real estate tax exemption program to replace the expired 421-a program.
Cuomo said the new “Affordable New York” program would create 2,500 units per year of affordable housing and extend real estate tax incentives for 40 years.
“This agreement will help fulfill the real need for more affordable housing in New York City while recognizing the work of the employees who build them,” he said in a statement.
The announcement came after the Real Estate Board of New York and the Building and Construction Trades Council of Greater New York signed off on a deal to replace 421-a, which expired in January 2016. Cuomo said the new program would retroactively apply to all the otherwise-eligible projects that started without it last year.