| Status |
Active |
Expired (2022) replaced by 485-x |
| Type of Development |
Option A
• Large and very Large Rental Projects (100+ units)
Option B
• Modest Rental Project (6-99 units)
Option C
• Small Rental Project (6-10 units)
Option D
• Homeownership (6+ units) |
Option A (Rental)
• Privately financed rentals
• No local agency subsidies allowed
Option B (Rental)
• Public- private rentals
• State and city agency subsidies allowed
Option C (Rental)
• Privately financed rentals, no local agency subsidies allowed
• Not applicable in Manhattan below 96th Street
Option D (homeownership)
• No local agency subsidies
• Not applicable in Manhattan |
| Affordability Requirements |
All Affordable Housing units will be permanently affordable and all Restricted United, including Affordable Housing Units and dwelling units subject to Rent Stabilization in accordance with Option C, will be permanently rent stabilized
All Restricted units occupied by tenants whose eligibility was approved by HPD also remain subject to Rent Stabilization until such tenants vacate if such tenants occupied unit before the application was denied , never filed, or withdrawn |
Option A
• 25% affordable units total; 10% of units at 40% AMI, 10% of units at 60% AMI, and 5% of units at 130% AMI
Option B
• 30% affordable units total; 10% of units at 70% AMI, and 20% of units at 130% AMI
Option C
• 30% affordable units total; all 30% of units set squarely at 130% AMI
Option D
• No affordability requirements |
| Benefit Structure |
Option A
• Very Large 150+ units in Wage Zone A
• 5 year 100% construction benefit; years 1-40 100% Exemption + mini tax
• Very Large 150+ units in Wage Zone B
• 3 year 100% construction benefit; Years 1-40 100% exemption + mini tax
• Large 100+ units
• 3 year 100% construction benefit; Years 1-40 100% exemption + mini tax
Option B
• Modest 6-99 units
• 3 year 100% construction benefit + mini tax; Years 1-25 100% tax exemption + mini tax; Years 26-35 20% tax exemption + mini tax
Option C
• Small 6-10 units outside of Manhattan on zoning lots permitting less than 12,500 square feet for residential use
• 3 year 100% tax exemption + mini tax; 10 year 100% tax exemption after construction + mini tax
Option D
• 3 year 100% construction benefit + mini tax; Years 1-14 100% Years 15-20 25% after construction benefit + mini tax |
Option A
• 3- year 100% construction benefit; years 1-35 100% tax exemption after construction
Option B
• 3- year 100% construction benefit; years 1-35 100% tax exemption after construction
Option C
• 3- year 100% construction benefit; years 1-35 100% tax exemption after construction
Option D
• 3 year 100% construction benefit’ years 1-14 100% tax exemption ; years 15-20 25% tax exemption after construction |
| Duration |
Commence construction after June 15, 2022, and on or before June 15, 2034. Construction must be completed on or before June 15, 2038 |
Commence construction on or before June 15, 2022. Construction must be completed on or before June 2031 |
| Geographic Scope |
Zone A- Manhattan below 96th Street, Williamsburg and Greenpoint Brooklyn, Long Island City Queens
Zone B- Downtown Brooklyn, DUMBO, Astoria, Gowanus, Park Slope
City Wide- All NYC neighborhoods outside of Zones A and B |
New York City wide
Enhanced Affordability Areas such as Manhattan South of 96th Street, waterfront areas of Brooklyn, and waterfront areas of Queens |
| Effect Date |
April 20, 2024 |
April 2017 |
