This legislation extends the J-51 tax abatement program to cover rehabilitation work on affordable housing units completed between June 29, 2022, and June 30, 2026. Eligible buildings include rentals with at least 50% affordable units and homeownership properties with assessed valuations under $45,000 per unit.
Promotes affordable housing through tax abatements, helping preserve the city's affordable housing stock and incentivizing necessary repairs and upgrades.