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Article: 421a tax-abatement certificates: key financial resource for developers of affordable housing.(Spotlight on Residential Real Estate)

Article from:
Real Estate Weekly
Article date:
February 24, 1999
Author:
Copyright

Fueled by the broadening change in housing finance arising from the increasingly refined rental market, confidence in the value of 421 a negotiable tax-abatement certificates has emerged even stronger and has become a key financial resource for developers of affordable housing projects in New York.

Along with the prosperity of Manhattan and the rise of affordable rentals throughout the city, the revived 421 a tax-abatement program has created win-win situations for developers of both affordable housing and high-end residential projects, and New York City's low- and moderate-income families.

Constructed as an incentive for investors to finance new ...

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