The U.S. Department of Housing and Urban Development has just issued the 2024 Area Median Income numbers for the NYC Metropolitan Area (“AMI”) which show an approximate 10% increase over 2023 AMI numbers. AMI numbers are typically used by regulatory agencies to calculate the income limits and rents for affordable housing units. The NYC Department of […]
On March 20, 2024, the City Planning Commission formally adopted the Green Fast Track for Housing rule changes to reduce the burden of environmental review on new housing developments by shortening approval times and reducing costs for new housing projects. The plan is part of Mayor Adams’ “Get Stuff Built” initiative. Under the new rules, […]
Governor Issues Proposals to Increase Housing Supply, Incentivize Conversions and Development
Governor Kathy Hochul has released five key legislative proposals to increase housing supply, incentivize conversions, and develop new multifamily housing with affordability requirements. The new tax incentive proposals are similar to previous proposals by the Governor but with minor and sometimes crucial changes. These proposals also delegate significant authority to the City of New York […]
ICAP Deadlines Coming in Early 2025:Plan Your Commercial Project Now
The Industrial and Commercial Abatement Program (ICAP) provides a New York City property tax abatement for the construction or renovation of commercial, industrial, and certain mixed-use properties. In order to be eligible for these property tax benefits, property owners must adhere to the following deadlines (unless the ICAP law is renewed and extended): Rosenberg & Estis, […]
Can Help Expedite NYC Approvals In light of the looming 421-a(16) completion deadline of June 15, 2026, NYC has created a Housing At Risk Task Force (“HART”) to assist large housing projects. Qualifying projects include those with 100 or more dwelling units already vested for 421-a due to construction commencement on or before June 15, […]
New Corporate Transparency Act Regulations to Take Effect January 1, 2024
The Corporate Transparency Act (“CTA”) takes effect as of January 1, 2024. This broad sweeping Federal Act is part of the Anti-Money Laundering Act of 2020 and will require many entities (“reporting companies”), not previously subject to reporting requirements, to now disclose certain direct and indirect beneficial owners, down to the individual level, along with […]
As we advised in a prior client email blast, DHCR recently adopted amendments to the Rent Stabilization Code (“the Amendments”) which became effective on November 8, 2023. DHCR has now issued various documents as guidance to the Amendments, including fact sheets, operational bulletins and an FAQ. Links are below. Among the guidance is Operational Bulletin 2023-3 (“OB […]
NFP, ICIP, & ICAP Renewals If you own or lease a NYC property that is currently receiving one of the following property tax benefits, please note that the NYC Department of Finance (DOF) renewal filing period has begun, and the online renewal portal is now open for: Not-For-Profit (NFP) tax exemption; Industrial and Commercial Incentive […]
New NY Housing Laws: New Housing Finance Laws & J-51 Property Tax Abatement Program
On October 23, 2023, New York State Governor Hochul signed legislation relating to affordable housing finance and a new property tax abatement for alterations and improvements to New York City apartment buildings. The affordable housing finance laws raise the bond capacity of NYC’s Housing Development Corporation, add new financing tools and also add new sections […]
The introductory message for Rosenberg & Estis, P.C.’s October 2023 Client Newsletter was provided by Michael E. Lefkowitz, Managing Member: “As I invite you to read our latest Client Newsletter, it is an absolute honor to announce that Rosenberg & Estis, P.C. was named among Crain’s 2023 ‘Best Places to Work in NYC.’ This achievement […]
On September 28, 2023, the New York City Council amended the property tax rates for fiscal 2024 (7/1/2023 – 6/30/2024). The tax year 2023/24 tax rates will now be as follows: The tax class two (multi-family residential) rate is 12.502%, which is the highest rate since tax year 2018/19, and is 23.5 bps higher than […]
Rosenberg & Estis Bankruptcy Team Preparing Clients for Impact of Potential Closings by CVS, Walgreens, Rite Aid and WeWork Major Drugstore Chain CVS Reportedly Prepares to Close Up to 900 StoresCVS, the largest drugstore chain in the United States, reportedly prepares to close as many as 900 stores across the country in connection with a […]
