A Local Law to amend the administrative code of the city of New York, in relation to abatement of taxation for alterations and improvements to certain multiple dwellings

Summary

This bill would extend the J-51 tax abatement program for certain alterations or improvements completed after June 29, 2022 and before June 30, 2026. Eligible buildings are: condos and coops where the average assessed valuation is under $45,000 per dwelling unit, and rental buildings (i) where more than half the units are affordable, (ii) that are operated by limited-profit housing companies, or (iii) that receive substantial governmental assistance. The owners of these buildings would be able to recover up to 70% of the cost of the work at 8 1/3% per year for up to 20 years. HPD would establish the work and costs that qualify for this program in a certified reasonable cost schedule, to be updated considering factors such as local law requirements and the effects of inflation. This bill would provide for tenant protections, including the possibility of a revocation of benefits if an owner fails to comply. This bill would also require HPD to report on the implementation of the program.

Official summary of legislation · NYC Council