The Department of Housing Preservation and Development (HPD) was reviewing whether participation in the Brownfields Tax Credit program constituted Substantial Government Assistance (SGA). Several of the most popular Affordable New York 421-a (16) options would otherwise not have been available had HPD viewed the Brownfield program as a form of SGA.
HPD informed us today that the Agency has determined that participation in the Brownfield Program is NOT a form of SGA and therefore the inclusion of a project will not affect the election of the option 421-a (16).
The content of this article is intended to provide a general guide on the subject. Specialist advice should be sought regarding your particular situation.