Imagine saving 20 years’ worth of property taxes on your next development project. That’s the level of savings possible with New York’s 485-x Real Property Tax Law, or the Affordable Neighborhoods for New Yorkers (ANNY) program. This landmark program offers substantial tax breaks for developers who commit to building affordable housing in New York City while meeting key requirements in affordability, wage standards and MWBE (Minority and Women-Owned Business Enterprises) participation.
To qualify these tax benefits, a project must adhere to criteria covering affordability, wage standards, safety protocols, and participation of minority and women-owned business enterprises (MWBEs). Projects must be within specific NYC zones, meet set timelines, and ensure affordability for a portion of units. Confirming eligibility upfront can prevent costly delays and ensure access to the ANNY program’s benefits.
Visit www.485xeligibility.com to check if your project qualifies for 485-x benefits.
Key compliance areas under 485-x include wage standards for construction workers and MWBE participation. For instance, projects with over 100 units have minimum wage requirements and must allocate at least 25% of costs to MWBE-certified firms. Compliance tools like Tough Leaf and ODIN support these requirements by connecting developers to diverse contractors and providing real-time workforce management.
485-x includes substantial penalties for non-compliance, from financial penalties to potential loss of tax benefits, making proactive compliance essential. Platforms like the Compliance Dashboard help developers stay compliant across wage, safety, and MWBE tracking. By leveraging these resources and verifying eligibility, developers can both support affordable housing and secure valuable tax incentives. Visit www.485xeligibility.com today to explore your project’s potential under 485-x.
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