The Department of Housing Preservation and Development (HPD) has amended their commencement of construction guidance with regards to the 421-a Affordable New York Program. The guidance now implies that when commencing construction via an Alteration Permit filed in conjunction with a New Building Application, a single commencement date shall be used for the purpose of vesting under the law and establishing a base year for the benefit calculation. Previous guidance utilized two different commencement dates under this option which we considered problematic. We actively advocated for the current guidance and are very pleased with this update. Click here to see the Guidance Memo.
Due to the limited time remaining before the June 15, 2022 construction commencement deadline, we recommend that you contact either Brett Gottlieb or Mitchell Korbey immediately to discuss your 421-a vesting options.
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