BCP tax credits

NYSDEC Publishes Notice of Draft Revisions to Part 375 Regulations in State Register

Brownfields, New York Brownfield Cleanup Program, NY State Superfund /

The New York State Department of Environmental Conservation (“NYSDEC”)  presented a Valentine’s Day gift to brownfield developers and responsible parties when the New York State Register Published notice of the long awaited overhaul of the NYSDEC Part 375 regulations which  govern the agency’s remedial programs. The actual regulatory language will be availabe on the NYSDEC […]

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NY Budget Deal Extends BCP But Sloppy Language May Hamper Use of BCP for Affordable Housing Projects

Brownfields, New York Brownfield Cleanup Program /

The New York State budget process is notorious for its murky and secretive process. Under the State Constitution, the Governor proposes a budget in mid-January that contains substantive policy legislation and can unilaterally amend the proposal within 30 days. After the 30-day period expires, amendments can only be made with consultation of the Senate and

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NY Governor Proposes Another BCP Tax Credit Deferral

Brownfields, New York Brownfield Cleanup Program /

[Editors’ Note- The final Budget that was approved at the end of March did not include the BCP Tax Credit Deferral ]. In his recent budget proposal, Governor Cuomo proposed a three-year BCP tax credit deferral. The proposed deferral which is located in Part S of Revenue Article VIII is similar to that enacted in

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NYSDEC Adopts Final Definition of “Underutilized” for NYC Brownfield Sites

New York Brownfield Cleanup Program /

Over a year after the 2015 amendments to the state Brownfield Cleanup Program (BCP) went into effect and eight months after the legislative deadline, the New York State Department of Environmental Conservation (NYSDEC) announced it was adopting amendments to its Part 375 regulations defining what constitutes  “underutilized” and “affordable housing”.  The definitions are important because

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NYSDEC Proposes Revised Brownfield “Underutilized” Definition

Brownfields, New York Brownfield Cleanup Program /

The NYSDEC’s much awaited revised definition of underutilized that was required as part of the 2015 Brownfield Cleanup Program (BCP) reforms will be published in the March 9, 2016 New York State Register (NYR). The proposed definition is currently available on the NYSDEC website As previously  discussed, the 2015 BCP amendments replaced the ‘as of

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Searchable BCP Tax Credit Database Show Who Has Received Tax Credits and How Much

New York Brownfield Cleanup Program /

Because of the changes and controversy surrounding the  NYSDEC Brownfield Cleanup Program (BCP), there has been some skepticism in the real estate community about the amount of  tax credits that the Department of Taxation and Finance actually approves and if those amounts are near what is supposed to be available under the BCP. The following

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DEC Misses Deadline for Finalizing Underutilized Definition

Brownfields, New York Brownfield Cleanup Program /

As we have previously discussed, the 2015 Brownfield Cleanup Program (BCP) reforms that removed the tangible property cost (TPC) tax credit as an “as of right” benefit for NYC brownfield sites required NYSDEC to issue proposed definitions of “underutilized” and “affordable housing” by mid-June and to  finalize the definitions by October 1st. The agency met

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New BCP Application Can Be a Trap for the Unwary Applicant

New York Brownfield Cleanup Program /

The New York State Department of Environmental Conservation (NYSDEC) has unveiled its revised Brownfield Cleanup Program (BCP) application to implement the sweeping changes to the BCP that became partially effective on July 1st. The new form is available HERE The revised application requires applicants to provide more detailed information about the brownfield site, the development project and the

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Amended BCP Becomes Effective but Not Fully Operational For NYC Sites

New York Brownfield Cleanup Program, NYC OER /

The amendments to the New York State Brownfield Cleanup Program (BCP) became effective on July 1st—that is except for two key tax credit eligibility criteria for properties located in New York City. Moreover, the rollout of an important alternative to the BCP will be delayed until 2016. As regular readers of this blog are aware,

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

New York Brownfield Cleanup Program /

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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