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

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.