421-a Update: Brownfield Tax Credit Program is NOT Substantial Government Assistance
March 28, 2022The Department of Housing Preservation and Development (HPD) was considering whether participation in the Brownfield Tax Credit Program constituted Substantial Government Assistance (SGA). Several of the more popular Affordable New York 421-a (16) options would have otherwise been unavailable had HPD considered the Brownfield Program to be a form of SGA.
We have been advised today by HPD that the Agency has determined that participation in the Brownfield Program is NOT a form of SGA and therefore a project’s inclusion will not jeopardize the 421-a (16) option election. Please be sure to contact Brett Gottlieb or Mitchell Korbey should you have any additional questions.
Brett J. Gottlieb at +1 212 592 1455 or [email protected]
Mitchell A. Korbey at +1 212 592 1483 or [email protected]
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