Hochul Approves NYC Tax Break for Affordable-Housing Renovations

Gov. Kathy Hochul on Monday signed legislation allowing New York City to provide a tax break to property owners who make upgrades to preserve and improve affordable housing.

The bill, S.4709A, offers eligible property owners a property tax abatement for 70% of the “certified reasonable cost of the eligible construction,” capped at 8.3% per year for no more than 20 years. The City Council must authorize the program for it to move forward.

The program is a replacement for the J-51 tax break, which expired last year and provided a property tax exemption and abatement for residential rehabilitation or ...