NYC Opens Applications for Housing Tax Breaks, Finalizes Rules

New York City developers can now apply for tax breaks for building affordable multifamily housing and converting offices into residences.

The city’s Department of Housing Preservation & Development has added instructions on how to apply for the new benefits, known as 485-x and 467-m, that were approved by state lawmakers last year. The move comes after officials finalized rules last month to implement the new tax abatement programs, which will go into effect on Jan. 15.

The city didn’t change the rules substantially from its original proposals. Despite pushback from the real estate industry, the housing agency moved ...