Regardless of the 2016 expiration of the 421-a property tax exemption for new construction residential projects1 (421-a benefits), existing multifamily properties have opportunities to utilize significant economic incentives—zoning bonuses, property tax exemption or abatement benefits, and/or various financial subsidies—for maintaining or extending the affordability of residential units or for performing certain rehabilitation or preservation construction work.
There are also significant incentives available for the conversion of existing non-residential buildings to allow residential use.
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