Capalino Alert – Proposed Rule Change to 421-a Process

Capalino is alerting you to a proposed rule change that may affect your portfolio.  Please see this rule changeoutlined below and here.

Should you have concerns please contact our team to discuss in greater detail.  As part of our expanded service offerings beginning in 2015, Capalino will monitor and identify actions the City of New York is considering which may be of interest to you.  We hope that you find this service of value.

The Department of Housing Preservation and Development, released for comments a proposed rule change to the current 421-a process. Real Property Tax Law §421-a provides real property tax exemptions for eligible, new multiple dwellings. HPD determines eligibility for §421-a real property tax exemptions. HPD is proposing amendments to Chapter 6 of Title 28 of the Rules of the City of New York (the “421-a Rules”) to clarify a grandfathering provision that was added to the rules after major programmatic changes were enacted by State and local legislatures between December 2006 and February 2008. http://rules.cityofnewyork.us/content/421-rule-amendments