ANNY Tax Incentive Released by Governor Hochul as a Proposed Revision of 421-a Program

In connection with Governor Hochul’s fiscal year 2023 executive budget proposal, a new program that revises the current 421-a “Affordable Housing New York” tax incentive program has been proposed. Rebranded “Affordable Neighborhoods for New Yorkers” the tax incentive would be contained in Section 485w of the Real Property Tax Law; and would “effectively update and extend the current 421-a program beyond its planned expiration date on June 15.” Improvements to the existing program include a simplification of the affordability options currently allowed, and it would also “tailor the program more narrowly to lower levels of affordability.”