NYC Re-Launches J-51 Tax Abatement Program To Support Building Rehabilitation
New York City has officially relaunched its J-51 tax abatement program, now rebranded as J-51 R, to support the rehabilitation and sustainability of rent-regulated, cooperative, and condominium buildings. The New York City Department of Housing Preservation and Development (HPD) has opened applications for the newly reformed program, with a three-month window for building owners to apply. This initiative is aimed at preserving affordable housing while facilitating compliance with the city’s climate mandates.