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Tax Break Tracker Individual Entry

Each individual entry is a single program reported by a single jurisdiction in a given fiscal year. Because we want to track the level and quality of disclosure as well as the content, the values below -- with the exception of program names -- are entered exactly as they are reported. See our user guide for more explanations.

StateNew York
Reporting JurisdictionNew York City
Jurisdiction type: Municipality
Fiscal year ending In2021
Program nameLow Income Housing Program 420-C
Program purpose: Affordable Housing
Statutory authority: New York State Real Property Tax Law: Article 4, Title 2, Section 420c
Abating jurisdiction(s): City of New York
Applicable taxesReal Property Tax
Method of abatement: Reduction of assessed value
Provisions for recapture: Previously abated taxes are not recaptured unless there is a direct demand from HPD to do so
Gross revenue loss: $318,900,000
Reimbursement / offset: $0
Net revenue loss: $318,900,000
Type of loss: Active
Additional notes on dislosure(none)