Contact: Sunny Mindel/Curt Ritter (212) 788-2958
The bill before me, Introductory Number 458, sponsored by Council Members Leffler and Povman, amends the Administrative Code of the City of New York, in relation to extending the J-51 tax exemption and abatement program through December 31, 2003.
The J-51 program has encouraged owners of multiple dwellings to upgrade and renovate their buildings in exchange for significant reductions in their annual property tax bills. In order to receive J-51 benefits, property owners must prove that their housing is free of hazardous building and housing maintenance code violations; and that their tax bills are up to date; and they must subject their units to rent stabilization. Since the J-51 law was last extended in 1993, approximately 638,000 units of housing have received improvements or upgrades through J-51 tax expenditures. This bill will ensure that owners and apartment dwellers alike will continue to benefit from the J-51 program for the next four years.
I will now turn to the bill's sponsors, other elected officials, and then to anyone else who wishes to be heard for or against this legislation.
There being no one else wishing to speak and for reasons previously stated, I will now sign the bill.