City Council Passes Legislation To Incentivize Housing Improvements

The following is a press release sent yesterday from the offices of City Councilman Domenic Recchia:

The City Council passed legislation today renewing and improving upon the J-51 tax abatement and exemption program. Sponsored by Council Member Domenic M. Recchia, Jr., Chair of the City Council’s Finance Committee, the legislation builds upon the State Assembly’s property tax relief bill passed earlier this year, which extended the previously expired program, offering tax exemption and abatement for qualified homeowners who undertake renovation and development projects. Passed unanimously, the exemption will be retroactive from December 31, 2011 and will last until June 30, 2015.

“The J-51 program revitalizes our neighborhoods and communities by incentivizing apartment owners to rehabilitate and improve their buildings. It has been a great success in the past and I’m proud to sponsor its renewal and improvement now to ensure that we remain committed to the betterment and beautification of our City for the future,” said Council Member Recchia. “I’m grateful for Speaker Quinn’s leadership in moving this legislation forward.”

A 2012 report noted that over 580,000 New Yorkers have directly benefitted from J-51. With this extension, improvements will be made to the program, restricting eligibility to developers focused on creating or preserving affordable housing. These changes will allow the City will both cut costs and ensure that needed housing rehabilitation continues in the future.