The construction completion deadline for 421-a(16) projects, originally set for June 15, 2026, has been extended to June 15, 2031, for projects that submit a Letter of Intent no later than September 12, 2024, and select Affordability Options A, B, D, E, or F on the application. The Letter of Intent form, which can be found here, must be submitted online by an authorized signatory of the owner. Successful submission of the Letter of Intent form will result in a confirmation of receipt email, a copy of which must be included with any 421-a(16) application where the completion date falls between June 16, 2026, and June 15, 2031.
This extension is not available for 421-a projects utilizing Affordability Options C or G, each of which requires at least 30% of units to be affordable at or below 130% of the Area Median Income (AMI). Projects under these Affordability Options that cannot be grandfathered under the expired 421-a program will need to rely on the new 485-x program.
For 485-x projects with a commencement date between June 16, 2022, and April 19, 2024, the deadline to register with HPD is December 14, 2024. Projects with a commencement date between April 20, 2024, and June 15, 2034, must register with HPD within six months of their commencement date.
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If you have any questions regarding these deadlines, please reach out to your BBG attorney of record.