Just when it looked like the NY legislature would take a pass on Gov. Kathy Hochul's entire housing agenda this year, a last-minute agreement was reach to revive a replacement for the J-51 tax break, which expired last July.
The J-51 program, which was an incentive for apartment renovations that provided tax abatements of up to 34 years, will be replaced with an incentive known as the Affordable Housing Rehabilitation Program, TheRealDeal reported.
The new program will run for up to 20 years and will require eligible buildings to be 50% affordable, receive "substantial" government assistance or be part of the city's Mitchell-Lama projects.
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