In a recent article for Bloomberg Tax, Braverman Greenspun partner Benjamin Flavin and associate Andrew Braverman explore the history of Housing Development Fund Corporations (HDFCs) in New York City, provide a detailed analysis of the Division of Alternative Management Programs (DAMP) tax exemption for HDFCs, and discuss the potential impact of pending state legislation that would make these tax benefits permanent.
Ben and Andrew outline how the proposed legislation – known as the Housing Development Fund Company Self-Determination, Preservation and Affordability Act – aims to extend and enhance property tax relief for HDFCs while imposing new affordability requirements. They also highlight key considerations for boards, lenders, and shareholders navigating this legislation.
Read the full article here.