Updated: October 17, 2024
NYC Housing Preservation Authority:
New York City has released proposed rules for two new tax incentive programs to combat its affordable housing shortage.
485-x: Affordable Neighborhoods for New Yorkers
Provides property tax exemptions for developers constructing new residential housing, including affordable housing units or rent-stabilized apartments.
485-x Eligibility Requirements:
- Rental projects with 150+ units in specific areas (Manhattan south of 96th Street, western Queens, some parts of Brooklyn), where 25% of units are income-restricted.
- Rental Properties with 6-99 units citywide, with at least 20% of units income-restricted.
- Rental Properties with 6-10 units outside Manhattan, where 50% or more are rent-stabilized.
- Citywide rental projects with 100+ units and at least 25% of units income-restricted.
Properties outside Manhattan with an assessed value of $89 or less per square foot, where the owner must reside in the home for at least FIVE years.
485-x Wage Provisons:
- Construction workers on projects of 100+ units earn $40/hour.
- Projects with 150+ units in select areas, workers receive between $63-72.45/hour.
- Building service workers in properties with 30+ units must receive prevailing wage unless 50% or more of the units are affordable to households below 90% of the area median income (AMI).
467-m: Affordable Housing From Commercial Conversions Program
Offers property tax exemptions for owners who convert non-residential buildings into residential rental properties with affordable housing units.
467-m Eligibility Requirements:
- Conversion of non-residential property into a rental dwelling with 6+ units.
- Application within ONE YEAR of completing construction.
Construction must start between January 1, 2023, and December 31, 2031, and be completed by December 31, 2039.
467-m Affordability Requirements:
- At least 25% of units must be affordable to households with an average income of 80% or lower AMI.
- Affordable units must remain permanently affordable and rent-stabilized.
467-m Incentive for Early Action:
- Developers who start construction on or before June 30, 2026, will receive the most benefits.
Implementation & Timeline:
485-x and 467-m are part of a broader initiative to address the City’s housing crisis and meet its goal of creating 500,000 new housing units over the next decade. The rules will take effect 30 days after publication, expected by January 2025.
For more information regarding 485-x and 467-m, visit:
- 485-x: Affordable Neighborhoods for New Yorkers
- 467-m: Affordable Housing From Commercial Conversions Program
If you have any questions regarding this matter, you can reach us at: 212-825-1205 or by email cahill-construction-division@cahillstrategies.com
Cahill Strategies Construction Solutions Guide to NYC Building Code Chapter 33 Revisions
Cahill Strategies has developed a detailed and documented guide to the most important revisions that New York construction professionals are likely to encounter every day. We were able to do this because Cahill Strategies has been involved instrumentally in the development of these codes.
The 100-page book is meticulously organized and can be used as a handy reference when many common issues arise. In each section, the specific revisions are highlighted, and the new information is presented in a clear and practical manner with further explanation on why the change is so important. All of this, reviewed and vetted by one of New York’s longest serving, former DOB professionals – Cahill Strategies’ Director of Construction Code & Safety, Bobby D’Alessio.
More on Our Construction Solutions Team
Cahill Strategies is a team comprised of skilled construction industry strategists dedicated to guiding clients through the intricate regulatory and political landscape, resulting in propelling projects within New York City to completion. Our expertise lies in representing large general contractors, sub-contractors, construction management firms, design professionals, and owners/developers.
- Liaising with City and State regulatory agencies such as NYC DOB, DOT, FDNY, DEP, Landmarks, HPD, DOF, DOH, DOE, and others;
- Liaising with elected officials and other stakeholders such as NYC Mayor, City Council, Community Boards, NYS Governor, Senate and Assembly;
- Liaising with public utilities, such as ConEd, National Grid, Water & Sewer;
- Liaising with private utilities and telecommunication companies;
- Facilitating submissions to City and State regulatory agencies, Community Boards and other decision makers for project support and approval;
- Consultation on Stop Work Orders, Violations, Commissioner’s Orders and other enforcement actions; and
- Consultation and negotiating fines with the NYC or NYS Department of Finance, and other City and State regulatory agencies.
New York Construction Solutions
Cahill Strategies has experience representing large general contractors, construction management firms, owners, and developers. A key to our success is our vast network of decision makers that we have the ability to reach on your behalf. Additionally, our team is involved in the legislative and regulatory processes at the Federal, State, and Local levels which affect the construction industry in New York State, New York City, and surrounding regions. We possess the knowledge of industry standards and trends, along with key relationships that will bring your projects to fruition. Read more…
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Get to know Bobby D’Alessio
Robert “Bobby” D’Alessio, is a former New York City Department of Buildings Senior Executive Director of Construction Safety. Mr. D’Alessio’s focus is predominately in the areas of construction code and safety analysis for our clients’ major new building and renovation projects in the New York City and surrounding regions.
As Cahill Strategies’ Director of Construction Code and Safety, Bobby brings an unparalleled level of knowledge and practical experience to our growing construction solutions practice area.
Cahill Strategies Welcomes Former NYC DOB Director of Construction Safety Enforcement, Bernie Ross
Cahill Strategies Welcomes Former NYC DOB Director of Construction Safety Enforcement, Bernie RossIt is with great pleasure that Cahill Strategies welcomes veteran DOB safety leader Bernie Ross as Senior Construction Safety Associate.
Bernard “Bernie” Ross is former New York City Department of Buildings Director of Construction Safety Enforcement. With more than 20 years serving the DOB as a Construction Inspector, Supervising Inspector, Director Major Projects, and finally, Director of Construction Safety Enforcement. Read more about Bernie here…
Get to know Kevin Moran
Kevin, the Vice President of Construction Solutions at Cahill Strategies, brings a wealth of experience in the New York construction industry to his role. He has a strong track record of guiding clients through complex building processes, with a range of successful projects under his belt, including commercial and residential developments, infrastructure and transportation projects, and various utility matters.
