New York City Announces New & Expanded Jobs Incentives

Feb 4

*Robust new New York City economic development strategy includes creation and expansion of jobs incentives*

With an ambitious goal to fill millions of square feet of office space and create thousands of new jobs, New York City Mayor Eric Adams announced a robust strategy, including new and expanded job incentives.

SNAPSHOT

Launched a new pilot incentive program known as Relocation Assistance Credit for Employees (RACE) program
Extended the existing Relocation and Employment Assistance Program (REAP) for an additional five years
Opened new application round for the Manhattan Commercial Revitalization Program (M-CORE)

NEW RELOCATION ASSISTANCE CREDIT FOR EMPLOYEES (RACE) PROGRAM

Per the announcement by Mayor Adams, the program would:
- Incentivize out-of-state companies to move to New York City
- Require businesses to sign leases for at least 20,000-square-feet of space at qualifying office buildings
- Target 15 new anchor tenants by the end of 2025 to take over +800,000 square feet of office space and create 3,000 jobs

RELOCATION AND EMPLOYMENT ASSISTANCE PROGRAM (REAP) EXTENSION

A popular incentive program in New York City, REAP would be extended for an additional five years under the new plan
Program provides income tax credits for businesses relocating jobs from outside of New York City or below 96th Street in Manhattan
Locations above 96th Street in Manhattan and the other four boroughs are eligible job creation zones

MANHATTAN COMMERCIAL REVITALIZATION PROGRAM (M-CORE)

Aiming to convert up to 10 million square feet of vacant and aging office space, the mayor also announced the opening of a new application round for the Manhattan Commercial Revitalization Program (M-CORE) program
The new application round will accept applications through May 1, 2025

CONNECT WITH THE HICKEY INCENTIVES TEAM

The Hickey & Associates incentives team has advised companies navigating clients through incentive programs in New York City, including REAP and M-CORE. Contact us for more specifics, including eligibility criteria, application details, and funding requirements as more details come out regarding the RACE program’s availability.

If you’d like our support throughout the application process, we are here to help!

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