Queens pols celebrate expansion of tax program
The J-51 tax abatement allows co-ops and condos to make capital improvements
BY JACOB KAYE
More co-op and condo
owners will now have
the opportunity to join
a previously expired tax
abatement program, thanks
to a bill signed into law earlier
this month by a Flushing
lawmaker in the Senate
and a Bayside lawmaker in
the Assembly.
The J-51 tax abatement,
which helps co-ops and condos
make capital improvements,
now allows for co-ops and
condos with an assessed
value of up to $40,000 to join
the program.
Previously, the tax
abatement, which expired
on June 30, 2019, was only
available to units with an
assessed value of up to $35,000,
a number lawmakers said
didn’t match the increasing
cost of living.
Senator Toby Ann Stavisky
of Flushing introduced the
bill in the New York State
Senate, and Assemblyman
Edward Braunstien of Bayside
introduced the bill in the New
York State Assembly. After
passing in both houses, it was
signed into law by Governor
Andrew Cuomo earlier this
month, on July 3, 2019.
“This will enable middleclass
co-ops and condos to
try to keep maintenance
costs down when repairs and
renovations are necessary,”
Stavisky said.
The program, enacted
65 years ago, was created
to encourage older rental
property owners to install
hot water plumbing. Over
time, co-ops and condos
have used the tax program
for roof repairs, electrical
improvements, window
replacements, installing
new elevators and other
structural enhancements.
“The J-51 program makes
it possible for housing coops
to maintain and improve
their properties,” said Warren
Schreiber, co-president of the
Co-op and Condo Council. “If
not for this program, the entire
financial burden of capital
Photo via Getty Images
improvements would fall on
the shoulders of middle-income
shareholders. Extending
the J-51 program will help
affordable co-op housing to
remain affordable.”
“Over time, as assessments
continue to rise, more and more
co-op units have fallen out of
the J-51 program,” Braunstein
said. “Our legislation, signed
into law by Governor Cuomo,
extends the J-51 program
and increases the assessed
value cap from $35,000 to
$40,000, helping middle-class
families afford the cost of
capital improvements.
Bob Friedrich, president
of Glen Oaks Village, the
largest garden apartment coop
in New York, celebrated the
passing of the law.
“The J-51 tax exemption
program is an important
component in helping to
keep our affordable housing
stock in good condition for
its working-class residents,”
Friedrich said.
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