United States:
Updated 421-a Guidance From HPD
29 April 2022
Herrick, Feinstein LLP
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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.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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