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Expiration of J-51 or 421-a Tax Exemption

Posted by Mark Smith on August 11, 2000 at 14:59:48:

In Reply to: Stabilized-to-destabilized renewal posted by Mike on August 09, 2000 at 23:38:11:


The landlord has to give notice of the expiration of 421-a tax exemption in EVERY rent stabilized lease with a tenant. I think the same situation would probably apply to J-51 tax exemption.

From DHCR Policy Statement 92-2:

421-a housing accommodations remain subject to Rent Stabilization after the ten-year period of tax benefits expires, where (a) the accommodation has not been vacated since the expiration of the benefits; or (b) the accommodation first became subject to the rent stabilization requirements of 421-a after July 3, 1984, and the owner has failed to include a clause in at least twelve point type that the apartment will be deregulated upon expiration of the last lease entered into during the tax benefit period in all of the leases of the tenant in occupancy when the benefits expire. This clause must also state when the benefits expire.

http://www.tenant.net/DHCR_info/Policy_Statements/ps92-02.txt

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