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Article: J-51 passes Council 49-0. (New York, New York City Council passes bill designed for tax relief to apartment house owners in such things as asbestos removal)
- Article from:
- Real Estate Weekly
- Article date:
- June 9, 1993
- Author:
CopyrightCOPYRIGHT 1993 Hagedorn Publication. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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The New York City Council passed the J-51 measure unanimously last Wednesday in a vote of 49 to O. Two members were absent.
The bill, 605A, now goes to New York City Mayor David N. Dinkins who is expected to sign it within the next two weeks.
Once signed, the benefits will be retroactive to July 1 for multi-family apartments and Aug. 7 for co-ops and condos.
New aspects of the legislation will increase the availability of the J-51 to buildings with average unit assessments up to $40,000 and permit J-51's for asbestos removal, among other items.
Charles Rappaport, president of the Federation of New York Housing Cooperatives, said, "After ...