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New York Proposes Affordable Housing Tax Incentives in ‘Conceptual’ Budget Agreement

421a Program That Expired in June 2022 Could Be Extended for Projects Already Planned
New York state plans a new tax incentive program to replace the  421a tax exemption that expired in June 2022 in a bit to boost New York City's affordable housing supply. (Getty Images)
New York state plans a new tax incentive program to replace the 421a tax exemption that expired in June 2022 in a bit to boost New York City's affordable housing supply. (Getty Images)
CoStar News
April 16, 2024 | 9:46 P.M.

New York state has reached what it called “a conceptual agreement” with top lawmakers on an estimated $237 billion budget that involves new tax incentive programs to boost New York City’s affordable housing supply.

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