“Governor Cuomo Releases “Affordable Housing NY Program” to Resolve Section 421-a Tax Exemption Impasse”
Last week, Governor Andrew Cuomo released a long-awaited solution to New York’s 421-a tax exemption impasse as a part of the State Executive Budget. Known as the “Affordable Housing New York Program,” the Executive Budget includes much-needed amendments to Section 421-a that will memorialize the agreement reached among Governor Cuomo, the Building and Trades Council of Greater New York and the Real Estate Board of New York.
This Stroock Special Bulletin provides an overview of the proposed changes. If they remain a part of the State’s Budget Bill, New York developers will see change as early as April 1st – the statutory deadline to complete budget negotiations in New York State.