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Local law · Int 0654-2024

Abatement of taxation for alterations and improvements to certain multiple dwellings

Official titleShow

A Local Law to amend the administrative code of the city of New York, in relation to abatement of taxation for alterations and improvements to certain multiple dwellings

The heading above is this same sentence with its legal opening removed. No words were added, changed or reordered.

Latest action Dec 18, 2024

New York City Council

Sponsor

Pierina Ana Sanchez

Council Member, District 14 · Democratic

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Summary

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.

Summary from NYC Council (Legistar). How we handle summaries

Introduced at the request of the Mayor.

From the NYC Council's legislative record (Legistar) and official rosters. This record was last updated Aug 1, 2026. About our data

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Where it stands

Signed into law.

  1. Introduced
  2. In committee
  3. Up for a vote
  4. Passed one chamber
  5. Passed
  6. Enacted

Committee

Committee on Housing and Buildings

Cosponsors

Shekar Krishnan, Farah N. Louis and 34 others

Cosponsors in the order the New York City Council lists them.

  • Democratic29

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Show the full list (36 names)

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Recorded votes

  • Vote: Approved by Committee

    Committee on Housing and BuildingsDec 5, 2024Result: passed

    (6) (0) (0) (1)

  • Vote: Approved by Council

    NYC CouncilDec 5, 2024Result: passed

    (51) (0) (0) (0)

Full history

  1. Dec 18, 2024

    Hearing held

    This Introduction was Hearing Held by Mayor

    Mayor

  2. Dec 18, 2024

    This Introduction Was Recved From Mayor by Council

    This Introduction was Recved from Mayor by Council

    NYC Council

  3. Dec 18, 2024

    Signed

    This Introduction was Signed Into Law by Mayor

    Mayor

  4. Dec 5, 2024

    Committee vote

    A motion was made that this Introduction be Approved by Committee approved by Roll Call.

    Committee on Housing and Buildings

  5. Dec 5, 2024

    Passed a chamber

    A motion was made that this Introduction be Approved by Council approved by consent Roll Call.

    NYC Council

Show full history (8 earlier events)
  1. Dec 5, 2024

    Amended

    This Introduction was Amended by Committee

    Committee on Housing and Buildings

  2. Dec 5, 2024

    This Introduction Was Amendment Proposed by Comm

    This Introduction was Amendment Proposed by Comm

    Committee on Housing and Buildings

  3. Dec 5, 2024

    Hearing held

    This Introduction was Hearing Held by Committee

    Committee on Housing and Buildings

  4. Dec 5, 2024

    Sent to the executive

    This Introduction was Sent to Mayor by Council

    NYC Council

  5. May 30, 2024

    Hearing held

    This Introduction was Hearing Held by Committee

    Committee on Housing and Buildings

  6. May 30, 2024

    Held over

    This Introduction was Laid Over by Committee

    Committee on Housing and Buildings

  7. Mar 7, 2024

    Introduced

    This Introduction was Introduced by Council

    NYC Council

  8. Mar 7, 2024

    Referred to committee

    This Introduction was Referred to Comm by Council to the Committee on Housing and Buildings

    NYC Council