A law firm will define the obligations of the owner 421a

Rosenberg & Estis, PC has announced that it will host a three-part webinar series for 421-a owners.

The series will be hosted by Daniel M. Bernstein, a member and head of the firm’s Tax Incentives and Affordable Housing Department and an expert on the program that provides essential property tax relief to thousands of New York City apartment buildings in exchange certain compliance obligations.

In recent months, owners of properties receiving 421-a incentives have come under increasing scrutiny as the city steps up its efforts to deal with non-compliant owners. Last month, Manhattan District Attorney Alvin Bragg announced a new housing unit to investigate allegations of housing benefit irregularities and other housing issues.

A notoriously opaque and complex system, 421-a bonds vary from building size and type to check-in procedures and blackout periods. There are salary requirements that can be affected by a property’s geographic location and a variety of reporting and monitoring procedures. There are also affordability and rent stabilization obligations that vary depending on the type of 421-a benefit a building has. The webinar series is designed to help 421-a owners understand their obligations and outline what steps they can take if something goes wrong.

“The provisions of applicable state law, local law and rules regarding the 421-a tax exemption program are extremely complex,” Bernstein said. “This webinar series offers a pragmatic approach as owners, lenders, developers and their attorneys seek details on compliance, best practices and how to handle potential investigations.”

Part 1, which will take place on Tuesday, December 6, will deal with wage obligations (current wage obligations for employees in building services and wage requirements in the construction sector). Parts 2 and 3, which will take place on Wednesday March 15 and Wednesday March 22, will focus on affordability, rent stabilization, deregulation and recent litigation.

To learn more about the webinar series and to register, visit http://bit.ly/3DPJc7J