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T2024-2011
| * | | | | Oversight - J-51 Tax Abatement. | Oversight | | Hearing Held by Committee | |
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T2024-2011
| * | | | | Oversight - J-51 Tax Abatement. | Oversight | | Filed, by Committee | |
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Int 0654-2024
| * | Pierina Ana Sanchez | | | Abatement of taxation for alterations and improvements to certain multiple dwellings. | Introduction | 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. | Hearing Held by Committee | |
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Int 0654-2024
| * | Pierina Ana Sanchez | | | Abatement of taxation for alterations and improvements to certain multiple dwellings. | Introduction | 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. | Laid Over by Committee | |
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