ICAP Abatement
The Industrial Commercial Abatement Program is a tax credit program for commercial new construction, renovation or enlargement projects . Covered uses are retail. office, manufacturing, warehouse and community facility.
The ICAP abatement uses the increased value due to construction to calculate your tax credit for the duration of your tax abatement benefit period. Maximize your increase in value and you have maximized your benefits for the benefit period.
The benefit period can be 10,12,15 or 25 years depending on the area and usage.
Inclusionary Housing
Inclusionary Housing provides a bump in FAR for properties in exchange for affordable housing.
Mandatory Inclusionary Housing (MIH) - Properties located in mandatory inclusionary housing zones have received the bump in FAR as of right but are required to provide the affordable housing units in order to proceed with construction of the project. There are four affordability options with a mix of AMI Levels ; each property has one or two designated options that the developer has got to comply with.
Voluntary Inclusionary Housing (VIH) - If your property is located in a VIH zone, you can voluntarily provide affordable housing to receive an increase in FAR. Developer is required to allocated Affordable SF at a rate of 1.25 of market per affordable SF. Affordable Housing units are required to be rented at 80% AMI.
421a Exemption
The 421a Exemption is a 35 year residential exemption. Owners are required to provide 30% of the units for affordable at 130% AMI. The benefit is 100% exemption above base value for the initial 25 year period and an exemption percentage equal to the percentage allocated for affordable for the final 10 year period.
NFP Exemption
The Not For Profit tax exemption is an exemption provided to properties owned and used by NFP entities for NFP uses. Properties purchased by NFP entities that are contemplating construction are also eligible for the NFP Contemplated Exemption.
The exemption provides a 100% tax exemption. Owners are required to file a renewal every second year to stay in compliance.
Analysis and Tax Opinions
Are you wondering how a tax incentive will affect your property's value? Are you wondering which program is right for your project?
A detailed analysis will give you the clarity to make the right decision.
We do all types of pre to post construction tax opinions including exemptions and abatements.