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Gov. Hochul Announces Goals for a Replacement 421a Program A Viable Solution?

On January 5th, Governor Kathy Hochul addressed New Yorkers in the annual State of the State Address. According to attorneys Brett Gottleib and Mitchell Korbey of the law firm Herrick Feinstein LLP, “While [Hochul’s] speech was silent with regards to the 421a Affordable New York Program, the Governor’s Briefing Book highlighted the following goals for a program which she would support with regards to a replacement affordable housing property tax benefit program:”

• Creating deeper affordability that services lower income households than 421a

• Creating longer-term affordability to provide more stability for low-income households

• Ensuring long-term availability of affordable rental units in neighborhoods across New York City

• Restructuring the tax abatement to ensure maximum efficiency of taxpayer dollars with City and State climate goals by requiring carbon-neutral technologies, electrification and electrification-ready building systems

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