485X / Sep 13, 2026
HPD changes the 485-x homeownership application sequence
Effective September 13, 2026, HPD amended the ANNY application rules for homeownership projects. Here is the practical project-team takeaway.
Effective September 13, 2026, HPD’s adopted amendment changes the application sequence for homeownership projects seeking benefits under RPTL § 485-x.
What changed
Under the adopted rule summary, a homeownership project may file its ANNY benefits application once at least 50% of all units in the project have been sold. Proof of sale for the remaining units must be provided before benefits are granted.
Why the change matters
The amendment addresses a practical timing problem: the statutory application deadline can arrive before every condominium or homeownership unit has closed. Allowing filing after the 50% sales threshold creates a path to preserve the application timeline while the sponsor finishes sellout.
What a project team should do
- Confirm the project satisfies Option D and all other statutory conditions.
- Calendar the application deadline from completion.
- Track executed sales and closings against the 50% threshold.
- Maintain a closing schedule and evidence package for the remaining units.
- Do not treat filing as final approval; outstanding proof must still be delivered before benefits are granted.