Month: June 2015

NYSDEC Proposed “Underutilized” Definition Will Adversely Affect Small Commercial Property Owners

Environmental issues can be particularly vexing for small real estate development projects. A $200K-$300K cleanup may just be a rounding error for a $100MM project but could jeopardize the financial viability of a $5MM or even $10mm project.  In most cases, the lender for a small project will hold back 125% to 150% of the …

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NYSDEC Proposes BCP “Underutilized” and “Affordable Housing Project” Definitions

NYSDEC has released its proposed its “affordable housing project” and “underutilized” definitions that were required by the Brownfield Cleanup Program (BCP) amendments. These definitions, along with the other criteria for eligibility for tangible property tax credits (the site’s location in an EnZone or the site meeting the statutory definition of “upside down”), will be used …

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NYSDEC Swamped With BCP Applications Seeking to Beat Changes to Tax Credits

As we previously discussed, Governor Andrew Cuomo and the Legislature reached an agreement on sweeping reforms to the Brownfield Cleanup Program (BCP) as part of the 2015-16 state budget. Among the significant changes which are scheduled to take effect on July 1st are that sites located in New York City will no longer be eligible …

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