Abatement of taxation for alterations and improvements to certain multiple dwellings.

This bill would extend the J-51 tax abatement program for certain alterations or improvements completed after June 29, 2022 and before June 30, 2026. Eligible buildings are: condos and coops where the average assessed valuation is under $45,000 per dwelling unit, and 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. The owners of these buildings would be able to recover up to 70% of the cost of the work at 8 1/3% per year for up to 20 years. HPD would establish the work and costs that qualify for this program in a certified reasonable cost schedule, to be updated considering factors such as local law requirements and the effects of inflation. 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.