Chair Lee on co-op condo abatement compliance and $13 million revenue
Lee asks about $13 million in additional revenue from co-op condo mailings. Commissioner Lee explains DOF identified recipients who may not qualify as primary residents and sent notices requesting proof of residency to ensure the abatement targets intended owners.
And we're also going to see $13 million per year in additional revenue from co-op condo mailings.
Can you please explain the source of the revenue and how it will impact co-op condo residents?
Yeah, so the co-op and condo abatement is limited to primarily resident unit holders.
And using the latest available income tax information, DOF tax policy, identified a certain subset of population of recipients that may not actually qualify as primary residents.
And so DOF sent out notices requesting proof of residency.
The estimate that you mentioned, the $13 million, is the projected result of that notification, including anticipated owners who would work with us to reestablish approved residency status as a result of those mailings.
Through this initiative, we are ensuring that the program is targeting the owners as intended to assist.
Okay.