Archives of the Mayor's Press Office

FOR IMMEDIATE RELEASE
Date: Monday, December 13, 1999

Release #481-99

Contact: Sunny Mindel/Matthew Higgins (212) 788-2958



MAYOR GIULIANI SIGNS BILL TO EXTEND THE SINGLE ROOM OCCUPANCY TAX EXEMPTION PROGRAM

-Remarks By Mayor Rudolph W. Giuliani At Public Hearing On Local Laws-

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.

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