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Co-ops and Condos United of NY is pleased to announce that the J-51 extension bill passed yesterday in the New York State Legislature.
Our organization, together with several other advocacy groups, worked extensively to help secure this important extension, and the outcome is a significant victory for New York’s cooperative and condominium community.
Among the key provisions we strongly advocated for was an increase in the eligibility average assessed valuation threshold from $45,000 to $60,000, with filing fees to be included in the cost of the project. In addition, the legislation includes a cost-of-living adjustment mechanism designed to help more co-ops and condominiums remain eligible throughout the duration of the program. The extension itself will remain in effect for a full 10 years.
Another major issue addressed in the legislation concerns the enforcement provision allowing HPD to apply for Receivership for building violations. Thanks to our advocacy co-ops and condos are carved out from this harsh enforcement mechanism.
We are also pleased to share an article published yesterday in The Real Deal explaining the J-51 extension bill. The article features the contribution of our Executive Board member, Geoffrey Mazel. Click here to read.
We would like to thank everyone who contributed their time, effort, and advocacy to help move this legislation forward.
Co-ops and Condos United of NY remains actively engaged in addressing other important issues currently before the New York State Legislature that affect the cooperative and condominium community. We will continue to keep you advised.
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