Gabriel Eckstein, left, and Neil Weisbard, right, of Seyfarth Shaw. Courtesy photos Unpacking ANNY, NYC's New Affordable Housing Tax Exemption Program
After two long years since the "lapse" of New York's 421-a program, real estate developers may finally be able to breathe a sigh of relief, as the new ANNY program will bring many of the same real property tax benefits for providing affordable housing.
June 21, 2024 at 10:00 AM
7 minute read
Tax
After two long years since the "lapse" of New York's 421-a Affordability Housing Program, real estate developers may finally be able to breathe a sigh of relief, as the newly implemented 485-x (Affordable Neighborhoods for New Yorkers [ANNY]) program will bring many of the same real property tax benefits for providing affordable housing as the prior 421-a program.
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