Shaping the NYC Skyline
In this captivating episode, we dive deep into the intricacies of the Gowanus Neighborhood Mixed Income Housing Development Program. This initiative, spearheaded by Governor Kathy Hochul, is an innovative response to the New York State legislature’s recent refusal to enact a replacement for the now-expired 421-a Real Estate Tax Exemption Program.
Steering the conversation with an expert’s touch on all matters related to 421-a and NYC’s various other real estate tax abatements and exemptions is none other than Jason Hershkowitz. A distinguished partner within the Tax Incentives group at Seiden & Schein, P.C., Jason brings his wealth of knowledge to the forefront, addressing not only your burning questions, but also unearthing queries you may not have yet considered.
Join us as we embark on a journey to unravel the mechanics of this new 421-a alternative. How will this program operate? Which projects stand to qualify? What financial considerations come into play? With Jason as our trusted guide, together, we illuminate the pathway for an alternative that breathes fresh life into a pivotal tax exemption that plays a crucial role in Shaping the NYC Skyline.
In this episode, Brenda, David, and Camila talk to Jason about:
- Introducing the pseudo replacement for the 421-a tax exemption, dubbed the Gowanus Neighborhood Mixed Income Housing Development Program, and demystifying its application and approval process
- Unraveling the intricate interplay between the program and Mandatory Inclusionary Housing (MIH) alongside an array of other real estate tax exemptions and abatements.
- Exploring the procedural and eligibility criteria and drawing parallels and comparisons between the now-expired 421-a program that the alternative seeks to mimic.
- Pondering the exciting prospects of extending this innovative approach beyond Gowanus, with a keen eye on potential expansion to other vibrant areas of New York City
- and more…
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