Tax Incentives: 420-a


Complete tax exemption for HDFC-OWNED HOUSING with SOCIAL SERVICES


Projects which are:
Owned or controlled by a not-for-profit Housing Development Fund Corporation, and;
Assisted by the city or state, and;
Subject to an agreement which:

  1. requires use as low-income housing,
  2. reserves a portion of the project for the homeless or persons with special needs, and
  3. requires that supportive social services for residents be provided.


Complete exemption from real estate taxes while the eligibility requirements remain satisfied.


The developer requests that the Tax Incentive Programs unit (TIP) certifies eligibility to the Department of Finance. After TIP does so, the Department of Finance makes a final eligibility determination and implements the benefits.
The owner must submit two (2) copies each of the Certificate of Incorporation, the deed, the mortgage agreement or other evidence of a grant, loan or other assistance to the project from the City or State, and the regulatory agreement(s) or other written agreement(s) that govern property management.


420-a Application Instructions and Sample Owner Affidavit (PDF)
Obtain additional information by calling (212) 863-5601, or writing to: 420-a Program, Tax Incentive Programs Unit, Room 8-C10 HPD, 100 Gold Street, New York, NY 10038.