Contact: Sunny Mindel/Matthew Higgins (212) 788-2958
The bill before me, Introductory Number 460, sponsored by Council Members Spigner, Dear, Espada, Eisland and Leffler, extends the Single Room Occupancy tax exemption program through December 31, 2002.
Under this program, SRO owners receive tax abatements and exemptions for improving and rehabilitating their properties, through rewiring, replacing heating or plumbing systems, and other substantial rehabilitation work. Because building owners that use this program exclusively may not increase rent based on the cost of the improvements, this program enables SRO housing to be upgraded without displacing low-income tenants. This program was last extended by my Administration in December of 1995.
Intro. 460 will allow owners of SRO housing to continue to be eligible to receive tax benefits for rehabilitating the important resource of low-income housing.
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.