Frequently Asked Questions
Browse questions that are constantly being asked by users. Our staff stands ready to serve and answer questions that do not appear on this list.
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.
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.
HPD recommends developers to hire a “Marketing Agency” to conduct the complex process of the affordable marketing, we at “Reside New York” represent our client’s interests as an HPD approved “Marketing Agency for the affordable units. “Reside New York” will guide you all through the process of applying with HPD for the “Affordable New York” program up until the successful renting of the units. Services include advertising, conducting the housing lottery, and ensuring that the affordable units are occupied by the tenants who comply with the HPD requirements, simultaneously getting the highest rental income based on the program guidelines.
As per HPD’s guidelines it requires the ownership to pursue the affordable marketing lottery nine months prior the anticipation of obtaining the Certificate of Occupancy for the new or altered building, since the process requires mountains of paperwork and hours of interviews with potential applicants for the marketing agency, it is therefore advisable for the ownership to contact “Reside New York” early in the process of your construction to commence the marketing and avoid any delays.
The Affordable New York Program allows renting the affordable units at market rate or close to market rate in most areas to the maximum of 130% AMI (See below detailed chart on bedrooms rent allowance which also depends on who bares the responsibility of paying utilities.)
|Utility’s included||Tenant pays utility’s|
|BR SIZE||Gross Rent||Electric||Electric with Electric Stove||Gas||Electric & Gas|
Our skilled staff will meet with you or your architect in person at the planning stages of your building to figure out the best way of planning the unit configuration count and layout in addition to the number of bedrooms in each unit, in order to get the outmost utilization and greatest potential which will result in the highest rental income for the client.
- Our skilled team of professional marketing agents are trained and received certificates by HPD and are equipped with the most up to date software systems to process applicant files in a quick manner.
- Our software allows us to process 10’s of thousands of applicants at once in order to save precious time in rejecting the applicants who aren’t eligible.
- com offers exclusive pictures of the interior of each affordable unit, this tool allows the applicant to handpick the specific unit they wish to apply for capitalizing the advantage of not wasting time with unnecessary paperwork and back and fourth with potential applicants who wont end up leasing the units since they didn’t see pictures prior to applying and the unit is not applicable to their desire.
- During the months of the marketing process we constantly update the owner with up to date details on the stage of the marketing.
- Reside New York works closely with free market brokerage firms who assist us in getting eligible applicants to apply for the program, which result in a fast and swift process.
Sit back and relax knowing that “Reside New York” is committed and will take on full responsibility of your affordable marketing and simplify the complex and detailed process.
Try us once you wont regret it!
We are looking forward in discussing your project in detail, please feel free to contact us at:
Or visit us at ResideNewYork .com to view all projects open to application in addition to upcoming and closed projects.