421-a(16) Affordable New York Housing Program Completion Extension - Letters of Intent

Buildings which intend to seek partial real estate tax exemption under New York State Real Property Tax Law Section 421-a Subdivision 16 are required to commence and complete construction, as those terms are defined by the law, by certain dates. On April 20th, 2024, New York State extended the date by which buildings can complete construction from June 15, 2026 to June 15, 2031, for projects that, among other things, submit a form created by the agency within 90 days of the agency providing such form to the public. This form includes owner reported data including, but not limited to, information about ownership, the reported number of dwelling units and affordable housing units anticipated to be included in the building and reported commencement dates and reported, anticipated completion dates.