Sanchez details three state-authorized changes in Intro 1015-A
Sanchez outlines the bill's three key changes: a 10-year extension for projects completed between June 30, 2026 and June 30, 2036; an increase from 80% to 100% recovery of reasonable rehabilitation costs; and a co-op/condo assessed valuation cap increase from $45,000 to $60,000 per unit, indexed to inflation. She says the program could reach over 300,000 co-op and condo units.
Earlier this year, New York State authorized the city to extend J51 and made three key changes.
First, the legislation will provide a longer extension than previous reauthorizations.
If passed today, 1015A will extend J51 for 10 years.
This means eligible projects that are complete between June 30, 2026 and June 30, 2036, when I will finally be 21 years old, just kidding, are able to receive this tax benefit.
Second,
Under 1015A, building owners would now be able to recover up to 100% of the reasonable cost of their rehabilitation work.
It used to be 80%.
And third, for co-ops and condos, this bill raises the assessed valuation cap from $45,000 per unit to $60,000 per unit and will be updated regularly to account for inflation.
With these changes, the program has the potential to reach more than 300,000 co-ops and condo units citywide.