The 420-a Tax Incentive is a complete tax exemption for HDFC-owned housing with social services.
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Eligible projects include projects which are:
Complete exemption from real estate taxes while the eligibility requirements remain satisfied.
The developer requests that HPD certifies eligibility to the Department of Finance (DOF). After HPD does so, DOF makes a final eligibility determination and implements the benefits. The owner must submit two 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.
How to Apply
*Important COVID-19 Update*
In light of the current COVID-19 outbreak, HPD is authorizing alternative means of application submission and fee payment. See the About Tax Incentives webpage for more information. Contact email@example.com for more information.
Please see the 420-a Application Instructions and Sample Owner Affidavit. Call 212-863-6603 for more information.
Submit completed application to:
100 Gold Street, Room 9-Z3
New York, NY 10038