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What is a 421-a Rider to Lease Agreement?

If you live in New York City, you may have come across the term 421-a rider to lease agreement. But what does it mean?

The 421-a tax abatement program is designed to incentivize developers to build affordable housing units in New York City. This program provides tax breaks to developers who build new residential construction in certain designated areas of the city. The program`s ultimate goal is to stabilize the city`s housing market and provide affordable housing for its residents.

The 421-a rider to lease agreement is an addendum to a standard lease agreement. It outlines the specific terms and conditions related to 421-a tax abatement program benefits that a tenant is entitled to. In other words, this rider ensures that the tenant receives the benefits of the 421-a program, such as reduced rent, as provided by the landlord.

The 421-a rider to lease agreement may contain the following provisions:

1. Rent Stabilization: The rider may specify that the apartment is subject to rent stabilization laws, which limit the amount of rent that can be charged. This provision is essential for ensuring that tenants receive the benefits of the 421-a program.

2. Rent Reduction: The rider may also specify that the tenant is entitled to a reduced rent. The amount of the reduction may depend on the specific 421-a program in which the landlord is participating.

3. Lease Term: The rider may specify that the lease term is longer than the usual one-year lease term. This provision is intended to ensure that tenants remain in the apartment for a longer time, promoting stability in the community.

4. Renewal: The rider may also contain provisions allowing the tenant to renew the lease for an additional term once the original lease has expired, provided certain conditions are met.

Conclusion

The 421-a rider to lease agreement is an essential document for tenants living in apartments that are part of the 421-a tax abatement program in New York City. This rider ensures that tenants receive the benefits of the program as intended by law. When entering into a lease agreement, it is essential to review the document carefully, including any riders or addendums, to fully understand the terms and conditions related to your tenancy.