RESIDENTIAL PROPERTY TAX INCENTIVE PROGRAMS in New York City

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1 RESIDENTIAL PROPERTY TAX INCENTIVE PROGRAMS in New York City A Guide to Basic Program Rules and Eligibility FEBRUARY 2011

2 ABOUT ENTERPRISE Enterprise is a leading provider of the development capital and expertise it takes to create decent, affordable homes and rebuild communities. For more than 25 years, Enterprise has introduced neighborhood solutions through public-private partnerships with financial institutions, governments, community organizations and others that share our vision. Enterprise has raised and invested more than $10.6 billion in equity, grants and loans to help build or preserve more than 275,000 affordable rental and for-sale homes to create vital communities. In New York, Enterprise has created or preserved more than 32,000 affordable homes for 105,000 people, and has raised and invested more than $2 billion to create and preserve affordable homes across the city and metropolitan area. Visit and to learn more about Enterprise s efforts to build communities and opportunity. ABOUT FORSYTH STREET ADVISORS Positioned at the intersection of real estate and public finance, Forsyth Street Advisors excels at structuring and executing innovative financing solutions for real estate projects. Forsyth has an unsurpassed reputation for deploying public and private resources to capitalize large-scale residential, commercial and institutional projects both in New York City and nationwide. Established in New York in 2003, Forsyth brings together a team of professionals with extensive experience in real estate finance, municipal finance, investment banking and public service. Forsyth s team has actively represented corporate, government, institutional and nonprofit clients in structuring, executing and coordinating over $2 billion in transaction volume. GUIDE TO TAX INCENTIVES PAGE 1 Visit for more information.

3 TABLE OF CONTENTS INTRODUCTION... 3 RESIDENTIAL PROPERTY TAX INCENTIVE PROGRAMS IN NEW YORK CITY... 5 Quick Reference: New York City Residential Property Tax Incentive Programs a New Construction Without Affordable Housing a New Construction With Affordable Housing c Low-Income Housing Tax Credit Projects J-51 Rehabilitation And Conversion Article X1 Nonprofit Companies Formed Under Article XI of The New York Private Housing Finance Law COMMON AFFORDABLE HOUSING DEVELOPMENT SCENARIOS Scenario 1: Nonprofit Developer, New Construction TABLE OF CONTENTS PAGE 2 Scenario 2: Nonprofit Developer, Rehabilitation Scenario 3: For-Profit Developer, New Construction Scenario 4: For-Profit Developer, Rehabilitation Best Options For Nonprofit Developers... 18

4 INTRODUCTION Affordable multifamily rental housing in New York City is difficult to sustain without tax incentives. Fortunately, New York City has one of the most comprehensive sets of real estate tax incentive programs in the nation. No other major U.S. city offers a comparable range of real estate tax abatements and exemptions to stimulate market-rate and affordable housing development, and to preserve existing housing stock. TAX INCENTIVES INCLUDE: Exemption on any increase in assessed value due to construction/rehabilitation Abatement on current tax liability tied to the level of rehabilitation Payments In-Lieu of Taxes (PILOT), sometimes known as shelter rent TIMEFRAMES: THIS GUIDE: Describes New York City s current residential real estate tax incentive programs Provides a guide on program details and eligibility requirements for local community development organizations Outlines common affordable housing development scenarios and options at the end of the tax incentive period No program operates in perpetuity, but some can be renewed Incentive periods range from 10 to 60 years FOR MORE INFORMATION: INTRODUCTION PAGE 3 Outlines all the major tax incentive options for housing development and preservation, but focuses in particular on tax incentive options for affordable housing TAX INCENTIVES ARE APPLICABLE TO: For- and nonprofit developers New construction, rehabilitation, conversion and preservation Affordable and market-rate housing For more detailed information about New York City s residential property tax incentive programs, please visit the New York City Department of Housing Preservation and Development website:

5 THIS GUIDE FOCUSES ON THE FOLLOWING PRIMARY TAX INCENTIVES FOR RESIDENTIAL DEVELOPMENT: 421-a For new construction without affordable housing 421-a For new construction with affordable housing 420-c For Low-Income Housing Tax Credit projects J-51 For rehabilitation and conversion Article XI For nonprofit companies formed under Article XI of the New York Private Housing Finance Law OTHER TAX INCENTIVES: The following residential tax incentives are not detailed in this guide, but are listed here for informational purposes. These programs are either used less often, not tied to development or applicable to older, existing properties. This is not meant to be a comprehensive list, as tax incentive programs change in response to policy priorities. Senior Citizen and Disabled Rent Increase Exemption (SCRIE/DRIE) Green Roof Tax Abatement program 421-b, exemption for one- and two-family private dwellings (expired in 2006) 420-a, exemption for nonprofit programs with supportive services Article II, exemption for limited-profit companies (Mitchell-Lama) Article V, exemption for redevelopment companies Urban Development Action Area Program (UDAAP), exemptions for projects on land conveyed to developers by the city of New York INTRODUCTION PAGE 4 Industrial and Commercial Abatement Program (ICAP), exemption for commercial, not residential, but can be combined with other incentives in mixed-use developments

6 RESIDENTIAL PROPERTY TAX INCENTIVE PROGRAMS IN NEW YORK CITY The following tables outline the basic eligibility and incentive structures for the primary residential property tax incentive programs. TAX INCENTIVE PROGRAMS PAGE 5

7 QUICK REFERENCE: NEW YORK CITY RESIDENTIAL PROPERTY TAX INCENTIVE PROGRAMS 421-a (without affordable housing) 421-a (with affordable housing) 420-c J-51 Article X1 Application/Approval As of right (with HPD application and approval) As of right (with HPD application and approval) As of right (with HPD application and approval) As of right (with HPD application and approval) Must be approved by the City Council and HPD Development Type New construction New construction Sponsor Type Any Any Incentive Type Geographic Limitations Exemption on any increase in assessed value Outside Geographic Exclusion Area Exemption on any increase in assessed value No New construction, rehabilitation, conversion and affordability extension A nonprofit must own at least 50% of the general partner or managing member PILOT or shelter rent amount determined by HPD (could be $0) No Rehabilitation or conversion Any Abatement and exemption Limited for some buildings south of 110th St. in Manhattan New construction, rehabilitation, conversion and affordability extension Housing Development Fund Company (HDFC) individually chartered by HPD or HCR PILOT or shelter rent amount determined by HPD (could be $0) No GUIDE QUICK TO TAX REFERENCE INCENTIVES PAGE PAGE 6 6 Affordability Requirement At least 20% of the units must be affordable (income limits vary) 70% of units at or below 60% of AMI and no units above 165% of AMI No requirement but extended benefits with affordable housing No units above 165% of AMI Application Cost 0.4% of Total Development Cost (TDC) + $ % of Total Development Cost (TDC) + $100 $80/unit for Class A and $60/unit for Class B 1% of Certified Reasonable Costs in excess of $10,000 No application cost Duration 15 yrs (11 yrs full + 4 yr phase out) 20 yrs (12 yrs full + 8 yrs phase out) or 25 yrs (21 yrs full + 4 yrs phase out) Up to 60 yrs (tied to regulatory agreement) Up to 20 yr abatement and up to 34 yr exemption Up to 40 yrs (tied to regulatory agreement)

8 421-a: NEW CONSTRUCTION WITHOUT AFFORDABLE HOUSING Legislative Category As of right (with HPD application and approval) Eligible Developments New construction of multiple dwellings as defined by New York State Development Size Requirement 4-unit minimum Application Costs Sponsor Requirement Geographic Limitations Incentive Type Incentive Cap Commercial Space $100 fee + 4/10 of 1 percent of Total Development Costs (TDC) Outside Geographic Exclusion Area (www.nyc.gov/html/hpd/html/developers/421a.shtml) Tax exemption on the difference between the assessed value upon completion and assessed value one year before construction start date As of 2008, exemption calculated on only the first $65,000 of an apartment s billable exempt assessed value (AV). Owner pays full taxes on any AV above the cap. The $65,000 cap is increased by 3%, compounded annually, on each taxable status date following August 17, ($68,959 in 2010) Tax exemption will be reduced by the extent to which the project s floor area of commercial, community facility, and accessory use space exceeds twelve percent (12%) of the Aggregate Floor Area 421-A WITHOUT AFFORDABLE HOUSING PAGE 7 Income Limits but inclusion of affordable housing brings additional benefits (see "421-a with Affordable Housing" table) Prevailing Wage Requirement Required for all care and maintenance workers scheduled to work at least 8 hours per week in the building. Some carve outs apply to projects with fewer than 50 dwelling units as well as to multiple dwellings in which at least 50% of the units are affordable to those at or below 125% of AMI. Incentive Duration 15 years (11 years full + 4 year phase 20%/yr)

9 421-a: NEW CONSTRUCTION WITH AFFORDABLE HOUSING [PAGE 1 OF 2] Legislative Category As of right (with HPD application and approval) Eligible Developments New construction of multiple dwellings as defined by New York State Minimum Size 3-unit minimum Application Costs $100 fee + 4/10 of 1 percent of Total Development Costs (TDC) Sponsor Requirement Geographic Limitations Incentive Type Incentive Cap Commercial Space Bedroom Mix (Affordable to Market ratio, if mixed income) if meets affordable housing requirement Tax exemption on the difference between the assessed value upon completion and assessed value one year before construction start date Tax exemption will be reduced by the extent to which the project s floor area of commercial, community facility, and accessory use space exceeds twelve percent (12%) of the Aggregate Floor Area Unless preempted by federal requirements, mixed-income projects in the Geographic Exclusion Area are required to comply with one of the following requirements: affordable units with a comparable number of bedrooms as market rate units and a unit mix proportional to the market rate units, or at least 50% of the affordable units must have two or more bedrooms and no more than 50% of the remaining units can be smaller than one bedroom, or the floor area of affordable units must be no less than 20% of the total floor area of all dwelling units 421-a WITH AFFORDABLE HOUSING PAGE 8 Minimum Affordability Length Inside the Geographic Exclusion Area > Outside the Geographic Exclusion Area > Must be kept affordable and remain rent-stabilized for 35 years, after which time, tenants with leases will remain rent stabilized for the duration of their occupancy. Homeownership projects must be affordable upon initial sale. Rent stabilized units are not eligible for a 2.2% per annum rent increase during the phase out period of the tax exemption. Must be rent stabilized for the term of the exemption, after which time, tenants with leases will remain rent stabilized for the duration of their occupancy. All units are subject to a 2.2% per annum rent increase during the phase out period of the tax exemption.

10 421-a: NEW CONSTRUCTION WITH AFFORDABLE HOUSING [PAGE 2 OF 2] If project is 25 units or less > 20% of units must be affordable at or below 120% of AMI Inside the Geographic Exclusion Area > If utilizing substantial governmental assistance provided pursuant to a program for the development of affordable housing > If project is more than 25 units > 20% of units must be affordable up to 120% of AMI, provided that the average affordability within the project is equal to or less than 90% of AMI Homeownership units at initial sale must be affordable at or below 125% of AMI Affordability Requirement Prevailing Wage Requirement Outside the Geographic Exclusion Area > If no substantial governmental assistance > Inside former NPP/REMIC areas > Outside former NPP/REMIC areas > At least 20% of the units must be affordable at or below 60% of AMI If no substantial government assistance > If utilizing substantial governmental assistance > If no substantial government assistance > If utilizing substantial governmental assistance > At least 20% of the units must be affordable up to 80% AMI Such assistance must be provided pursuant to an affordable housing program At least 20% of the units must be affordable up to 100% AMI, but average income in affordable units must not exceed 80% AMI Such assistance must be provided pursuant to an affordable housing program Required for all care and maintenance workers scheduled to work at least 8 hours per week in the building. Some carve outs apply to projects with fewer than 50 dwelling units as well as to multiple dwellings in which at least 50% of the units are affordable to those at or below 125% of AMI. 421-a WITH AFFORDABLE HOUSING PAGE 9 Duration South of 100th Street in Manhattan > All other areas > 20 years (12 years full + 8 years phase 20% every two years) 25 years (21 years full + 4 year phase 20%/year)

11 420-c: LOW-INCOME HOUSING TAX CREDIT PROJECTS Legislative Category As of right (with HPD application and approval) Eligible Developments Any residential new construction, rehabilitation, or affordability extension that has been allocated Low-Income Housing Tax Credits at any time past or present Development Size Requirement Application Costs $100 fee + $80 per unit for Class A and/or $60 per unit for Class B Sponsor Requirement Geographic Limitations Incentive Type Incentive Cap The ownership entity must be a corporation, LP or LLC of which at least 50% of the general partner or managing member is held by a tax exempt 501(c)(3) or (4) charitable organization whose purposes include low-income housing, or a wholly-owned subsidiary of such charitable organization Project's taxes are set up as a Payment In-Lieu of Taxes (PILOT) and can be as low as $0 or a shelter rent formula (i.e. percentage of gross rent) 420-c LIHTC PROJECTS PAGE 10 Commercial Space No exemption on any commercial space that is part of the development Other Uses The project must provide "housing accommodations," defined as real property used for residential purposes (including common, outdoor and public use areas). "Ancillary residential purposes," such as management, administrative and social service offices used exclusively for the tenants, cannot exceed 25% of aggregate floor area. Affordability Requirement At least 70% of the units must be available to households earning up to 60% AMI and no rents can exceed 165% of AMI Duration The exemption is effective for the duration of the regulatory agreement with HPD up to a maximum period of 60 years

12 J-51: REHABILITATION AND CONVERSION Legislative Category As of right (with HPD application and approval) Development Type Rehabilitation or conversion. For more detail on the multiple categories of eligible developments, see HPD website Sponsor Requirement but project can receive extended benefits if the sponsor is a Housing Development Fund Company (HDFC) Application Costs $100 fee + 1% of CRC in excess of $10,000 Geographic Limitations Incentive Type Buildings in Manhattan south of 110th Street with an average assessed value per unit of $38,000 are not eligible for the tax exemption. The exemption is reduced if the assessed value is between $18,000 and $38,000. These limitations do not apply to: buildings in which 30% of the units are affordable housing moderate rehabilitations of multiple dwellings work on interim multiple dwellings listed major capital improvements (MCIs) to multiple dwellings or landmarks projects receiving substantial government assistance and located in Neighborhood Preservation Program area Exemption from the tax increase in the assessed value of the building after work is performed Abatement that reduces the existing taxes by a percentage of the Certified Reasonable Cost (CRC) of the work performed. Up to 8 1/3% of the CRC can be applied to any tax year for up to 20 years. Most projects receive an abatement for up to 90% of the CRC, but several exceptions apply, with abatements ranging between 50% and 150% of CRC. The exception used by most affordable housing developers is the following: Abatement on 150% of CRC (up to the actual cost) and can apply up to 12 1/2% of the CRC in any tax year > (i) Moderate rehabilitation of multiple dwellings with substantial government assistance or charitable assistance (ii) Substantial rehabilitation of formerly city-owned buildings J-51 REHAB AND CONVERSION PAGE 11 Incentive Cap As outlined under Incentive Type and Geographic Limitations Commercial Space No exemption for commercial space Most properties > 14 years (with 20% annual decrease over the final four years) Duration Exemption Moderate rehabilitation or rehabilitation through an affordable housing program > 34 years (with 20% annual decrease over the final four years) Abatement 20 years max (any unused balance is lost)

13 ARTICLE XI: NONPROFIT COMPANIES FORMED UNDER ARTICLE XI OF THE NEW YORK PRIVATE HOUSING FINANCE LAW Legislative Category Legislative action required (project must be approved by the City Council) Eligible Developments New construction and/or rehabilitation of affordable housing carried out by a Housing Development Fund Company (HDFC) Application Cost Sponsor Requirement Sponsor must be a Housing Development Fund Company (HDFC). An HDFC is a corporation formed to build low-income housing. Each HDFC is individually chartered by HPD or New York State Homes and Community Renewal (HCR). Development Size Requirement Geographic Requirement Incentive Type Incentive Cap Project's taxes are set up as a Payment In-Lieu of Taxes (PILOT) and can be as low as $0 or a shelter rent formula (i.e. percentage of gross rent) ARTICLE X1 PAGE 12 Commercial Space Subject to HPD and legislative discretion Affordability Requirement Renter s income cannot exceed 165% of AMI Duration As long as the regulatory agreement is outstanding but not to exceed 40 years

14 Common AFFORDABLE HOUSING development scenarios The following pages outline common affordable housing development scenarios and options at the end of the tax incentive period. DEVELOPMENT SCENARIOS PAGE 13

15 SCENARIO 1: NONPROFIT DEVELOPER, NEW CONSTRUCTION Development Scenario Tax Incentive Options Application Process Term & Expiration Out-year Considerations 421-a App. Cost: 0.4% of TDC As of Right: Application submitted to HPD Assuming not in the geographic exclusion area Regulatory Agreement: Tax Exemption: 25 years phase out period Rehab and apply for a J-51 Apply to transfer property to Article XI, if willing to change ownership structure, or 420-c, if once used or currently rehabbing with LIHTC Nonprofit developer Residential new construction 100% affordable 420-c App. Cost: $80 per unit (Must use LIHTC) As of Right: Application submitted to HPD Regulatory Agreement: Tax Exemption: 2.2% annual increases in rent during last 4 years of the tax exemption to partially compensate for increasing tax liability Apply to extend 420-c with a new regulatory agreement SCENARIO 1 PAGE 14 Original regulatory agreement and tax exemption could be up to 60 years Article XI (Must be incorporated as an HDFC) City Council and HPD approval required Regulatory Agreement: Tax Exemption: Apply to extend Article XI with a new regulatory agreement Original regulatory agreement and tax exemption could be up to 40 years

16 SCENARIO 2: NONPROFIT DEVELOPER, REHABILITATION Development Scenario Tax Incentive Options Application Process Term & Expiration Out-year Considerations Nonprofit developer Residential rehab 100% affordable J-51 App. Cost: 1% of CRC over $10, c App. Cost: $80 per unit (Must use or have used LIHTC) As of Right: Application submitted to HPD As of Right: Application submitted to HPD Regulatory Agreement: Tax Abatement: 20 years Tax Exemption: 34 years phase out period Regulatory Agreement: Tax Exemption: Rehab and apply for a new J-51 Apply to transfer property to Article XI, if willing to change ownership structure, or 420-c, if once used or currently rehabbing with LIHTC Apply to extend 420-c with a new regulatory agreement SCENARIO 2 PAGE 15 Original regulatory agreement and tax exemption could be up to 60 years Article XI (Must be incorporated as an HDFC) City Council and HPD approval required Regulatory Agreement: Tax Exemption: Apply to extend Article XI with a new regulatory agreement Original regulatory agreement and tax exemption could be up to 40 years

17 SCENARIO 3: FOR-PROFIT DEVELOPER, NEW CONSTRUCTION Development Scenario Tax Incentive Options Application Process Term & Expiration Out-year Considerations Assuming not in the geographic exclusion area 421-a App. Cost: 0.4% of TDC As of Right: Application submitted to HPD Rent Stabilization: 25 years Tax Exemption: 25 years Rehab and apply for a J51 and keep affordable units to receive extended benefits For-profit developer Residential new construction Mixed income phase out period 2.2% annual increases in rent during last 4 years of the tax exemption to partially compensate for increasing tax liability SCENARIO 3 PAGE 16 If the for-profit developer partners with a not-for-profit partner that owns at least 50% of the general partner or managing member, and the development meets the required affordability mix, they can apply for a 420-c 420-c App. Cost: $80 per unit (Must use LIHTC) As of Right: Application submitted to HPD Regulatory Agreement: Tax Exemption: Apply to extend 420-c with a new regulatory agreement Original regulatory agreement and tax exemption could be up to 60 years

18 SCENARIO 4: FOR-PROFIT DEVELOPER, REHABILITATION Development Scenario Tax Incentive Options Application Process Term & Expiration Out-year Considerations For-profit developer Residential rehab 100% affordable J-51 App. Cost: 1% of CRC over $10,000 As of Right: Application submitted to HPD Regulatory Agreement: Tax Abatement: 20 years Tax Exemption: 34 years phase out period Rehab and reapply for a new J-51 Apply for 420-c if project used tax credits and if owner is willing to partner with nonprofit SCENARIO 4 PAGE 17 If the for-profit developer partners with a not-for-profit partner that has at least 50% of the general partner or managing member, and the development meets the required affordability mix, they can apply for a 420-c 420-c App. Cost: $80 per unit (Must use or have used LIHTC) As of Right: application submitted to HPD Regulatory Agreement: Tax Exemption: Apply to extend 420-c with a new regulatory agreement Original regulatory agreement and tax exemption could be up to 60 years

19 BEST OPTIONS FOR NONPROFIT DEVELOPERS Which existing programs make the most sense for nonprofit affordable housing developers? New Construction (w/o LIHTC) New Construction (w/o LIHTC) New Construction (w/ LIHTC) Rehabilitation (w/o LIHTC) Rehabilitation (w/o LIHTC) 421-a If not owned by an HDFC or developed without LIHTC, this is the only option Article XI (if HDFC) Longer term benefit than 421-a, no phase-out and often deeper Lower application costs than 421-a Exemption lasts as long as regulatory agreement 420-c Same as Article XI but does not require Council approval J-51 If not owned by an HDFC or developed without LIHTC, this is the only option Article XI (if HDFC) Longer term benefit than J-51, no phase-out and often deeper Significantly less complex than J-51 Lower application costs than J-51 OPTIONS FOR NONPROFITS PAGE 18 Rehabilitation (w/ LIHTC) 420-c Same as Article XI but does not require Council approval

20 Enterprise Community Partners, Inc. 1 Whitehall Street, 11th Floor New York, NY phone fax Photography: Harry Connolly Design: Matter, Design and Marketing www. matterprojects.com Copyright 2011, Enterprise Community Partners, Inc. All Rights Reserved.

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