Gov. Kathy Hochul signed into a law a legislation authorizing a tax abatement program to provide improvements to affordable housing on Monday, Oct. 23. The legislation was sponsored by Queens state Sen. Toby Ann Stavisky and Assemblymember Edward Braunstein.
This legislation is meant to improve upon the J-51 Tax Abatement Program, which provided a property tax discount for co-ops and condos that needed to make certain capital improvements, while also helping to offset costs. The J-51 Program expired on June 29, 2022.