The processes of finding new tenants that qualify for affordable units must comply with 421a regulations.
Affordable Housing Compliance
In order to secure 421a benefits, a property must comply with affordable housing regulations for the duration of the tax abatement, which include but are not limited to:
- Tenant selection procedures such as reaching out to applicants on the waitlist established after the lottery or finding potential tenants on the free market.
- Applicants’ income & household size requirements that includes verifying new tenants meet 421a requirements and gathering related documentation for HPD to review.
- Marketing of the vacant affordable units that includes but is not limited to advertising on HPD’s Housing Connect website; and
Submitting HPD required documentation that proves 421a compliance.
An HPD approved monitoring agent ensures a property remains compliant with HPD housing regulations and finds new tenants for affordable units when necessary.