Reside New York is a Division of “Metropolitan Realty Exemptions Inc.” we proudly serve our clients in New York City’s five boroughs as an approved New York City Housing Preservation and Development (NYC HPD) Affordable Housing Marketing Agency, to market and lease up “Affordable Apartments” for developers of new multi dwelling residential buildings or existing buildings being altered to add more than 50% of the existing square footage who enroll in the Affordable New York Program”.
The “Affordable New York Property tax incentive program also known as “421a Tax Exemption program” provides home owners and developers the benefit of obtaining a property tax break on the new/altered buildings for up to 38 years, which will result in a property tax freeze based on the “as is” annual tax bill of prior to construction assessed value or alteration of their building for the life of the program.
Our firm solely concentrates on the processing and marketing of the Affordable Units in conjunction with the program’s requirements under the Affordable New York Act. We market the affordable housing units to eligible applicants and walk developers and applicants through the entire lengthy marketing process start to finish, until the apartments are leased up.
This article was published on: 11/20/18