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 …
[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 …
NY Governor Proposes Another BCP Tax Credit Deferral Read More »
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 …
NYSDEC Adopts Final Definition of “Underutilized” for NYC Brownfield Sites Read More »
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 …
NYSDEC Proposes Revised Brownfield “Underutilized” Definition Read More »
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 …
Searchable BCP Tax Credit Database Show Who Has Received Tax Credits and How Much Read More »
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 …
DEC Misses Deadline for Finalizing Underutilized Definition Read More »
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 …
New BCP Application Can Be a Trap for the Unwary Applicant Read More »
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, …
Amended BCP Becomes Effective but Not Fully Operational For NYC Sites Read More »
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 …
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 …
NYSDEC Proposes BCP “Underutilized” and “Affordable Housing Project” Definitions Read More »