First Substantial Change to J-51 Program in Nearly 20 Years Will Ensure Resources Are Better Targeted to Preservation of City’s Aging Multi-Family Housing Stock
Fairer System for Condo and Co-Op Tax Abatements Will Benefit New Yorkers and Small Businesses
Statement of Mayor Michael R. Bloomberg:
New York, NY – January 29, 2013 – (RealEstateRama) — “This legislation will help incentivize residential building owners to make improvements on their properties – fixing essential, building-wide systems and improving the long-term stability of buildings. It will also allow for more streamlined administration of the program, which will provide for quicker application approval times and greater transparency. That’s great news for New York City’s tenants – it means they will have access to safe, affordable and decent housing for years to come. I’d like to thank Assembly Speaker Sheldon Silver, Senate Majority Coalition leaders Dean Skelos and Jeff Klein, Senator Marty Golden, Assemblyman Keith Wright, as well as Council Speaker Christine Quinn and Housing Preservation and Development Commissioner Mathew Wambua, for advancing this important cause.
“The bill also restructures the property tax abatement program for cooperatives and condominiums, providing for a fairer system that benefits primary residents and small businesses. This is a relief for more than 360,000 New Yorkers who have been anxious for action since the benefit expired in July. The new and improved program will include more co-op and condo residents, including 98 percent of co-op and condo owners outside of Manhattan, and increase the maximum benefit amount available. In an effort to increase job creation in this important sector of the economy, the bill also provides a Personal Income Tax credit to approximately 40,000 S-Corporation owners of mostly small businesses, which are also subject to the General Corporation Tax. I’d like to thank the leaders of the legislature as well as Finance Commissioner David Frankel for their work on these issues.”
MEDIA CONTACT:
Marc La Vorgna / Julie Wood (212) 788-2958
Eric Bederman (HPD) (212) 863-5176
Owen Stone (Finance) (212) 669-2566
