FOR IMMEDIATE RELEASE
October 20, 2008
MAYOR BLOOMBERG SIGNS LEGISLATION EXTENDING THE J-51 TAX BENEFIT PROGRAM
Remarks by Mayor Bloomberg at a Public Hearing on Local Laws
"The first of two bills before me today is Introductory Number 823, sponsored at the request of the Administration in conjunction with Speaker Quinn and Council Members Dilan, Brewer, Comrie, Felder, Nelson, White, Eugene, Weprin and Mealy. Introductory Number 823 enables multiple dwellings owned and operated by an Article V Redevelopment Company with an assessed value over $40,000 per apartment to be eligible for the J-51 Tax Benefit Program.
The only Article V Building in the City that meets this criteria is Penn South, a large complex in Manhattan containing over 2,800 apartments which has become a naturally occurring retirement community (NORC). This legislation will enable residents to take advantage of the J-51 Program to make needed repairs or update their building’s aging systems and will ensure that their apartments remain affordable for at least fifteen years. The J-51 Program is an important tool for encouraging owners to maintain and rehabilitate their property and at the same time enabling owners to maintain affordable rents to low and moderate income households.
I want to thank Department of Housing, Preservation & 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/Evelyn Erskine (212) 788-2958