HPD Adopts New Rules to Implement Section 485-x Affordable Housing Tax Law

In a significant development for New York City’s affordable housing sector, effective January 1, 2025, the NYC Department of Housing Preservation and Development (HPD) began implementing the Adopted Rules (ANNY Rules) of Section 485-x Affordable Housing Tax Law —also referred to as Affordable Neighborhoods for New Yorkers Tax Incentive Program (ANNY).