FOR IMMEDIATE RELEASE
December 5, 2007
MAYOR BLOOMBERG SIGNS LEGISLATION EXTENDING J-51 TAX BENEFIT PROGRAM
Remarks by Mayor Bloomberg at a Public Hearing on Local Laws
"The next two bills before me today are Introductory Numbers 525 and 526, sponsored by Council Members Dilan, Gentile, Gerson, James, Nelson, Stewart, Liu, Weprin, White, and the Public Advocate Betsy Gotbaum. Introductory Numbers 525 and 526 extend one of the City's best tools for spurring the modernization and rehabilitation of its housing stock - the J-51 Tax Benefit Program.
"The J-51 program, which is set to expire on December 31st of this year, provides both a tax abatement and tax exemption benefit to property owners who modernize and renovate their multiple dwellings - from rewiring electrical systems to replacing windows and boilers. In Fiscal Year 2007, the J-51 program provided nearly $910 million in incentives to 739,674 apartments through 14,479 exemptions and 143,438 abatements. Privately owned buildings have been given new life and mixed-use buildings on commercial corridors have been restored and are again providing housing and services to our neighborhoods. In short, the J-51 program has worked - and can continue to work for New Yorkers.
"Introductory Numbers 525 and 526 extend the J-51 program to December 31, 2011. Adoption of this law will lead to more housing production, including the affordable housing that we so desperately need, and a more modern housing stock. We have seen the impact this program has had on our City and we look forward to realizing even more achievements through the extension of these laws.
"I would like to thank Department of Housing Preservation and Development Commissioner Shaun Donovan and his staff for their work on this bill. I would also like to thank the Council for approving this legislation."
Stu Loeser/Matthew Kelly (212) 788-2958
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