Property tax incentives are an essential tool for NYC affordable housing development.  Without incentives, NYC multifamily properties can expect to pay as much as 30% of gross rents as property taxes.

In this CLE program, Daniel M. Bernstein, Esq. will discuss the following major as-of-right and discretionary property tax incentives used for the development of affordable housing in NYC:

• New NYS Real Property Tax Law (“RPTL”) sections 467-m and 485-x as well as under existing RPTL sections 420-c and 421-a(16); and,
• Private Housing Finance Law Article XI and Payment in Lieu of Taxes or “PILOT” agreements