Gov. Hochul Announces Goals for a Replacement 421-a Program
Land Use & Zoning chair Mitchell Korbey and Real Estate partner Brett J. Gottlieb were quoted in CooperatorNews about Governor Hochul's latest State of the State address. They explained, "While [Hochul’s] speech was silent with regards to the 421-a Affordable New York Program, the Governor’s Briefing Book highlighted the following goals for a program which she would support with regards to a replacement affordable housing property tax benefit program[.]"
The goals included "Create deeper affordability that services lower income households than 421-a" and "Restructure the tax abatement to ensure maximum efficiency of taxpayer dollars with City and State climate goals by requiring carbon-neutral technologies, electrification and electrification-ready building systems."
The pair observed, "The current version of the 421-a Affordable New York Program requires that construction commence prior to June 15, 2022. We remain optimistic that the Governor's proposal as outlined above will offer a viable solution and address the critics of the expiring 421-a Program."