On April 20th, 2024, New York State enacted New York State Real Property Tax Law Section 485-x. This legislation requires prospective applicants for 485-x tax exemption benefits to file an agency-supplied online form with HPD. Information submitted to the agency via this form:
(i) states an intention to file for such benefits under the provisions of this section,
(ii) includes the commencement date, and (iii) establishes the intended number of total dwelling units and, if applicable, restricted units. This form also includes information on prospective applicants including, but not limited to, applicant information, the reported number of dwelling units, restricted units anticipated to be included in the building, reported commencement dates, and reported anticipated completion dates.
To learn more, please refer to: https://www.nyc.gov/site/hpd/services-and-information/tax-incentives-485-x.page