Sunday, June 29, 2008

Where there's a will, there's a way

Builders around the city are racing to get projects started in order to beat a looming deadline.

Upcoming changes in the 421-a tax abatement policy — which will make requirements for receiving benefits stricter, in addition to lowering the level of benefits — are driving builders to get multifamily developments in the ground prior to June 30.

Meanwhile, those who realize they won't make the deadline are figuring out creative ways that they can work around changes in the 421-a policy, like carving projects into small individual units and cutting back on monthly maintenance fees.

Racing to dig before 421-a code changes

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