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|  421b The New York State Legislature extended the 421b exemption. As a
result, the exemption expired
on June 30, 2009. For a project to be eligible for this benefit,
construction must have started on or
before July 1, 2006. For private dwellings
that began on or after July 1,
2002, construction must be completed no later than July 1,
2009. Eligibility The Section 421b Program is administered by the NYC Department of Housing Preservation and Development (HPD) to promote new one- and two-family housing construction by making home ownership more affordable. This exemption provides a declining benefit on the construction, reconstruction, or conversion of one- and two-family homes. There are no geographic restrictions. HPD determines eligibility for this program, and Finance implements the benefits once HPD approves your application. Please refer to the HPD site for further information on eligibility and on applying to this program. Once approved, you will receive a Certificate of Eligibility from HPD along with the property tax abatement application, which you can then return to Finance.
For questions about 421b application status | |
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