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Residential

Law firm to lay out 421a landlord obligations

Rosenberg & Estis, P.C. announced it will conduct a three-part webinar series for 421-a property owners.

The series will be hosted by Daniel M. Bernstein, a Member and Leader of the firm’s Tax Incentives & Affordable Housing Department and an expert in the program that provides a critical property tax exemption to thousands of NYC residential buildings in exchange for certain compliance obligations.

In recent months, owners of properties receiving 421-a incentives have come under increasing scrutiny as the city ramps up efforts to address non-compliant landlords. Last month, Manhattan District Attorney Alvin Bragg announced a new housing unit tasked with investigating claims of rental subsidy irregularities and other real estate issues.

A notoriously opaque and complex system, 421-a obligations vary from building size and type to registration procedures and restriction periods. There are wage requirements that can be impacted by a property’s geographic location and a variety of reporting and monitoring procedures. There are also affordability and rent stabilization obligations that vary according to the type of 421-a benefit a building receives. The webinar series is designed to help 421-a owners understand their obligations and outline steps they can take if problems arise.

“The provisions of the applicable state law, local law, and rules regarding the 421-a tax exemption program are extremely complex,” Bernstein said. “This webinar series offers a pragmatic approach as owners, lenders, developers and their counsel seek details on compliance, best practices and how to deal with potential investigations.”

Part 1, to take place Tuesday, December 6, will focus on wage obligations (prevailing wage obligations for building service employees and construction wage requirements). Parts 2 and 3, to take place Wednesday, March 15 and Wednesday, March 22, will focus on affordability, rent stabilization, deregulation and recent litigations.

To find out more about the webinar series and to register, visit http://bit.ly/3DPJc7J

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