The following programs are closed to new applicants and expired.
The Section 421b Program was administered by the Department of Housing Preservation and Development (HPD) to promote new one- and two-family housing construction by making home ownership more affordable.
This exemption provided a declining benefit on the construction, reconstruction, or conversion of one- and two-family homes. There were no geographic restrictions. HPD determined eligibility for this program, and the Department of Finance (DOF) implemented the benefits once HPD approved an application.
Applications for this program are no longer being accepted. The active program expired on June 30, 2009. For a project to have been eligible for this benefit, construction must have started on or before July 1, 2006. For private dwellings that began on or after July 1, 2002, construction must have been completed no later than July 1, 2009.
Learn more about the 421b Program.
The Section 421g Program was administered by the Department of Housing Preservation and Development (HPD) to promote more productive use of nonresidential buildings in Lower Manhattan.
A partial exemption and abatement was given for the conversion of nonresidential buildings to residential use in the eligible Lower Manhattan revitalization area, for a maximum of 12 years. To qualify for benefits, the building had to be in the Lower Manhattan Abatement Zone, generally defined as the area south of the centerline of Murray, Frankfort and Dover Streets, excluding Battery Park City and the piers. HPD determined eligibility for this program, and the Department of Finance (Finance) implemented the benefit once HPD approved an application.
Applications for this program are no longer being accepted. The program expired on June 30, 2006. To be eligible for this benefit, a building permit for the conversion must have been issued on or before July 1, 2006.
Learn more about the 421g Program.