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Finally! 421-a Renewed, State Budget Passed
April 11, 2017
The New York State Legislature finally passed its $153 billion spending plan this weekend for 2017-2018.
The deal renewed the 421-a tax break, which expired January 2016. It’s now called the “Affordable Housing NY Program,” and is close to a compromise announced by Gov. Andrew Cuomo late last year. Experts say the tax break is a major support to new residential development in New York City.
In addition to the tax break, the budget also includes $2.5 billion in spending on housing programs over five years — including nearly $1 billion to build new supportive housing communities, which provide housing and services, often to those struggling with homelessness.
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