Manhattan District Attorney Alvin Bragg photographed in his office in Manhattan, New York. Photo: Ryland West/ALM Six New York City Real Estate Developers Indicted for Fraud in Affordable Housing Tax Exemption Program
The developers, who all owned apartment buildings in the Bushwick section of Brooklyn, are accused of obtaining more than $1.6 million in fraudulent property tax benefits through the program, which grants tax breaks to developers who agree to reserve affordable units in their buildings.
October 19, 2022 at 04:23 PM
2 minute read
Manhattan District Attorney Alvin Bragg on Wednesday announced that six real estate developers have been indicted on grand larceny and tax fraud charges for allegedly violating the terms of New York's 421-a tax exemption program, which is aimed at promoting affordable housing.
The developers, who all owned apartment buildings in Bushwick, are accused of obtaining more than $1.6 million in fraudulent property tax benefits through the program, which grants tax breaks to developers who agree to reserve affordable units in their buildings.
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