What is the “Affordable New York” Law?

The New York City Housing Preservation Development (HPD) has introduced and implemented a new tax abatement program, “Affordable New York” formerly known as the 421a Tax Abatement Program. The Affordable New York Program requires 30% of a buildings unit count to be designated as “Affordable Housing”.

The affordable requirements allow potential applicants to earn a maximum annual income of 130% of the Area Median Income (AMI), which in result allows developers to charge rents ranging to the free market value in most areas.