421g

The Section 421-g Program was administered by the NYC Department of Housing Preservation and Development to promote more productive use of non-residential buildings in Lower Manhattan. A partial exemption and abatement was given for the conversion of nonresidential buildings to residential use in the eligible Lower Manhattan revitalization area, for a maximum of twelve years.

Note: The New York State Legislature did not renew the 421g exemption; therefore, it expired on June 30, 2006. The deadline for new applications was December 30, 2007.

Eligibility
To be eligible for this benefit, a building permit for the conversion must have been issued on or before July 1, 2006 and the construction must have been completed (or nearly completed) within 3 years (July 1, 2009). To qualify for benefits, the building must be in the Lower Manhattan Abatement Zone, generally defined as the area south of the centerline of Murray, Frankfort and Dover Streets, excluding Battery Park City and the piers.

HPD determined eligibility for this program, and Finance implemented the benefits once HPD approved your application. Please refer to the HPD website  for further information.

Contact Information
For program information and eligibility, contact
NYC Department of Housing Preservation and Development

For questions about 421g application status
Email 421g Application Status