485-x / Affordable Neighborhoods for New Yorkers
N.Y. Real Property Tax Law § 485-x; 28 RCNY Ch. 63
N.Y. Real Property Tax Law § 485-x, enacted in the FY2025 state budget (Chapter 56 of the Laws of 2024) to replace the expired 421-a(16) program, provides a real property tax exemption for new multiple-dwelling residential construction in New York City that includes affordable units. Eligible projects must commence construction after June 15, 2022 and on or before June 15, 2034 and complete on or before June 15, 2038, receiving benefits of 10 to 40 years depending on the affordability option, subject to affordability, minimum-construction-wage, and (for larger projects) prevailing-wage requirements. HPD administers the program under 28 RCNY Chapter 63 (adopted December 16, 2024, effective January 15, 2025).
Who must comply
Other HPD regulations
FHA Design & Construction
Fair Housing Act, 42 U.S.C. § 3604(f)(3)(C); 24 C.F.R. § 100.205
LL86 Rent-Stab Notice
Local Law 86 of 2025
Security Deposit Rules
N.Y. Gen. Oblig. Law §§ 7-103, 7-108
HDFC Enabling Law (Article XI)
N.Y. Private Housing Finance Law Article XI (§§ 570 et seq.; § 577)
RPAPL Eviction Proceedings
N.Y. Real Prop. Acts. Law (RPAPL) §§ 711, 731, 733, 749, 768
Rent Increase / Non-Renewal Notice
N.Y. Real Prop. Law § 226-c
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