421g

The New York State Legislature did not renew the 421g exemption; therefore, it expired on June 30, 2006.  To be eligible for this benefit, a building permit for the conversion must have been issued on or before July 1, 2006.  As to the date of the completion of the conversion, however, the law includes complex completion requirements:  "Completion of conversion" means the date the NYC Department of Buildings issues a temporary or permanent certificate of occupancy for the portion of the building in question.

Note: As of December 30, 2007 new applications are not being accepted

Eligibility
The Section 421-g Program is administered by the NYC Department of Housing Preservation and Development to promote more productive use of non-residential buildings in Lower Manhattan. A partial exemption and abatement is given for the conversion of nonresidential buildings to residential use in the eligible Lower Manhattan revitalization area, for a maximum of twelve years.

To qualify for benefits, the building must be in the Lower Manhattan Abatement Zone, generally defined as the area south of the centerline of Murray, Frankfort and Dover Streets, excluding Battery Park City and the piers.

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.

Forms & Publications
No application to Finance is required for the implementation of these benefits. Upon receipt of HPD's Certificate of Eligibility, Finance will automatically implement the 421g benefit.

Contact Information
For program information and eligibility, contact
NYC Department of Housing Preservation and Development

For questions about 421g application status
Email 421g Application Status