Tag: j-51-tax-abatement

Queens lawmakers’ affordable housing legislation signed into law

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J-51

Oct. 27, 2023 By Ethan Marshall Gov. Kathy Hochul signed into a law a legislation authorizing a tax abatement program to provide improvements to affordable housing on Monday, Oct. 23. The legislation was sponsored by Queens state Sen. Toby Ann Stavisky and Assemblymember Edward Braunstein. This legislation is meant to improve upon the J-51 Tax Abatement Program, which provided a property tax discount for co-ops and condos that needed to make certain capital improvements, while also helping to offset costs. The J-51 Program expired on June 29, 2022. The J-51 Affordable Housing Rehabilitation Legislation improves upon the program by increasing…
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Queens lawmaker’s bills aimed at preserving affordability for NYC co-op, condo homeowners passes state legislature

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Jun. 23, 2023 By Carlotta Mohamed Two bills sponsored by Assemblyman Edward Braunstein to provide tax relief to middle-class New York City cooperative and condominium owners have been passed in the Assembly and Senate.  A.7758 expands the J-51 program, and A.4972A extends the property tax abatement available to co-op and condo owners. Additionally, Braunstein has introduced…
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