Int 1015-2026

Introduction

This bill would extend the J-51 tax abatement for certain alterations or improvements to include projects completed on or after June 30, 2026 and before June 30, 2036. Condos and coops where the average assessed valuation is under $60,000 per dwelling unit (adjusted annually for inflation) would be eligible for the abatement. 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 would also be eligible. The owner of an eligible building would be able to recover, over a period of 20 years, up to 100% of the reasonable cost of the work. HPD would establish and regularly update a certified reasonable cost schedule. 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.

Title
Abatement of taxation for alterations and improvements to certain multiple dwellings.
Type
Introduction
Status
Committee
Committee
Committee on Housing and Buildings
Introduced
2026-08-13

Heard in committee

Sponsors

Money behind the sponsors

Money spent in the sponsors' 2025 election races, not on this bill. Outside spending is independent of the campaigns; PAC gifts went directly to a sponsor's campaign. NYC Campaign Finance Board.

Shared backers of the sponsors

Lobbying clients, PACs, or outside spenders tied to more than one of this bill's sponsors — through lobbying that named them, PAC gifts to their campaigns, or outside spending in their races. About the sponsors' money and lobbying, not a claim about this bill.

Sources