Erica Buckley Benefits of Leasehold Condominiums for Operators of Homeless Shelters
It would make sense for a nonprofit in New York City to understand the benefits of leasehold condominiums and the value of the 420-a Exemption. This is especially true if your nonprofit operates a homeless shelter, which, per the DOF, is a nonresidential purpose entitling your organization to robust tax relief.
December 08, 2023 at 09:41 AM
6 minute read
Question: I run a large nonprofit in New York City that operates homeless shelters. I am advised that a leasehold condominium may be a beneficial structure for us instead of a long-term lease. Can you give an overview of leasehold condominiums and how they are created, as well as confirm whether operating a shelter qualifies for any special benefits?
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