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Co-ops and Condos United of NY (CCU) is pleased to announce that the J-51 Extension Bill officially became law on October 24, 2026, without the Mayor’s signature. Enacted as Local Law 160 of 2026, the legislation takes effect January 1, 2027.
This is a major win for co-op and condominium communities.
CCU partnered with fellow advocacy organizations to help advance this important legislation, which provides eligible buildings with a valuable tool to finance necessary capital improvements, improve building conditions, and preserve affordable homeownership.
Key Provisions:
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A 10-Year Extension: Qualifying alterations and improvements completed on or after June 30, 2026, and before June 30, 2036, may be eligible for benefits.
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Significant Property Tax Relief: Eligible buildings may receive abatements totaling up to 100% of HPD-certified reasonable construction costs, spread over a period of up to 20 years, subject to annual limits.
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Expanded Eligibility for Co-ops and Condos: The law establishes a base ceiling of $60,000 in average assessed valuation per apartment, including land, with annual adjustments. Importantly, this refers to assessed value—not market value.
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Program Oversight and Protections: The law requires the NYC Department of Housing Preservation and Development (HPD) to maintain and update its eligible-cost schedule and includes affordability requirements and tenant protections for participating rental buildings.
Advocacy Makes a Difference.
This achievement demonstrates the importance of bringing the co-op and condominium community together to advocate for policies that address the real financial pressures facing our buildings and shareholders.
CCU thanks our advocacy partners and the bill’s sponsors for helping advance this important measure.
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