State lawmakers in Albany have revived the 421a developer tax abatement as part of the state's new budget. The tax abatement, now called Affordable New York, allows for a 35-year tax abatement on new construction projects. The program releases $2.5 Billion to create 100,000 units of affordable housing and 6,000 units of supportive housing. REBNY released a statement on Saturday saying "(Affordable New York) will result in the production of substantially more affordable rental housing that is critical for New York City's growth and future."
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