An Overview of HPD’s Proposed Rules for 485-x and 467-m

Earlier this year, Governor Hochul and the New York State Legislature included a renewal 421-a program (485-x: Affordable Neighborhood for New Yorkers) and a commercial to residential tax incentive (467-m: Affordable Housing from Commercial Conversions) in the FY2025 Budget. Now, the proposed rules for the programs were recently released by NYC Department of Housing Preservation and Development. Comments on the proposal are due November 6.