Posted by Janet on June 27, 1999 at 12:51:28:
I'm trying to get a better picture of how New York's J-51 tax exemption and abatement program works.
First, how can I find out if a given building is designated as receiving J-51 benefits? (I don't live in the building in question, so it wouldn't be in my lease.)
Second, I can see from some information I've found at the HPD site that if a building was not subject to rent regulation before receiving J-51 benefits, it remains rent stabilized only for the period it is receiving benefits, and then goes back to free-market. What about the reverse situation, if it WAS rent regulated before? Does it stay rent regulated? Or can the owner claim a building was substantially rehabilitated by the construction for which tax benefits were received and thus charge free-market rents? (Thereby being compensated twice for the construction costs, once by the tax break and again by big rent increases.)
Third, I see there's a requirement that, to make sure that a project not result in mostly studio apartments, it must leave the renovated building with a number of bedrooms equal to 75 percent of total dwelling units. Anyone ever heard of this being enforced?
Here's the link I'm looking at, if it would be helpful to anyone else:
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