Governor Andrew M. Cuomo today announced the start of construction on 62 Main, a $53 million affordable housing development in the village of Tarrytown in Westchester County.
Key Points
The Housing Preservation Opportunities Program (the Program) offers attractive real property tax exemptions for multi-family projects located in New York City, including those that may be experiencing economic difficulty or that have existing real property tax benefits soon expiring (such as existing 421(a) or J51 tax benefits).
The Program offers a 40-year real property tax exemption that sets real property taxes on residential portions of multifamily properties at a percentage of gross potential residential and commercial income.
The amount of benefits available to a project is bifurcated by New York City Housing Preservation and Development (HPD) into two broad affordability groups, each having different levels of real property tax benefits. The Program requires that all residential units be subject to rent stabilization for the term of the Program, whether through currently rent stabilized units or registering units that are not currently rent stabilized, as a condi
Catafago Fini LLP Successfully Defends Manhattan Cooperative Building in Appeal
Share Article
The Supreme Court of New York, First Judicial Department, upholds the dismissal of a purported class action against the board of directors of the Turin Housing Development Fund Company
Catafago Fini LLP logo
“The First Department’s decision here correctly recognizes that boards of directors of cooperative apartment buildings need the flexibility to exercise business judgment when making decisions regarding their operations. NEW YORK (PRWEB) January 28, 2021 On January 12, 2021, Catafago Fini LLP scored a major victory in the Appellate Division of the New York Supreme Court, First Judicial Department, which upheld the dismissal of a purported class action against the board of directors of a cooperative apartment building. The First Department upheld dismissal because the plaintiff’s claims were derivative in natu