{"id":2407,"date":"2024-10-16T19:48:01","date_gmt":"2024-10-16T23:48:01","guid":{"rendered":"https:\/\/citystuff.com\/new-york\/?p=2407"},"modified":"2024-10-16T19:48:01","modified_gmt":"2024-10-16T23:48:01","slug":"hundreds-of-bronx-co-op-buildings-could-get-new-tax-breaks-for-green-upgrades","status":"publish","type":"post","link":"https:\/\/citystuff.com\/new-york\/2024\/10\/16\/hundreds-of-bronx-co-op-buildings-could-get-new-tax-breaks-for-green-upgrades\/","title":{"rendered":"Hundreds of Bronx co-op buildings could get new tax breaks for green upgrades"},"content":{"rendered":"

Bronx Buildings May Get Tax Break for Environmental Upgrades<\/strong><\/p>\n

Hundreds of Affordable Co-ops and Condos Eligible for Relief<\/strong><\/p>\n

A new report by the Green Co-op Council reveals that hundreds of affordable co-op and condo buildings in the Bronx, including the borough’s oldest Mitchell-Lama cooperative, Amalgamated Houses, may be eligible for a new property tax break. The break would be available for making environmentally friendly building upgrades.<\/p>\n

What is the Tax Break?<\/strong><\/p>\n

The tax relief is included in Intro 654, a bill sponsored by Council Member Pierina Sanchez, which would allow owners of eligible housing to deduct 70% of a project’s cost from their property tax bill for between 12 and 20 years. The tax abatement, also known as the J51 tax abatement, would incentivize property owners to make energy-efficient upgrades such as installing rooftop solar panels, rewiring for electric stoves, and upgrading temperature controls to reduce greenhouse gas emissions.<\/p>\n

How Many Buildings are Eligible?<\/strong><\/p>\n

According to the report, 247 affordable co-op and condo buildings in the Bronx are eligible for the tax break. Additionally, the program would benefit over 166,000 shareholder families.<\/p>\n

Which Neighborhoods are Most Impacted?<\/strong><\/p>\n

The neighborhoods that could benefit the most from this program are those with the largest number of eligible co-op units. For example, Council Member Eric Dinowitz’s district, which includes Riverdale, Kingsbridge, and Bedford Park, has 12,226 eligible co-op units.<\/p>\n

What are the Eligible Building Types?<\/strong><\/p>\n

According to the report, all Mitchell-Lamas would be eligible for the tax abatement. This includes Amalgamated Houses, the Bronx’s oldest Mitchell-Lama cooperative, which has been facing financial stress under rising insurance and operations costs.<\/p>\n

What are the Next Steps?<\/strong><\/p>\n

The bill must still be passed, and property owners must complete projects by June 2026 to be eligible for the tax break. The Green Co-op Council is urging quick passage of the bill to provide much-needed relief to property owners and residents.<\/p>\n

Conclusion<\/strong><\/p>\n

The proposed tax break offers a unique opportunity for Bronx residents to benefit from environmentally friendly building upgrades while also reducing their property tax burden. With the right support, this program can be a game-changer for the Bronx’s affordable housing landscape.<\/p>\n

Frequently Asked Questions<\/strong><\/p>\n

Q: What is the J51 tax abatement?
\nA: The J51 tax abatement is a property tax break that allows eligible property owners to deduct 70% of a project’s cost from their property tax bill for between 12 and 20 years.<\/p>\n

Q: What types of projects are eligible for the tax abatement?
\nA: Eligible projects include installing rooftop solar panels, rewiring for electric stoves, upgrading temperature controls, and other measures aimed at reducing greenhouse gas emissions.<\/p>\n

Q: How many buildings are eligible in the Bronx?
\nA: 247 affordable co-op and condo buildings in the Bronx are eligible for the tax break.<\/p>\n

Q: What is the deadline for completing eligible projects?
\nA: Eligible projects must be completed between June 2022 and June 2026 to be eligible for the tax break.<\/p>\n","protected":false},"excerpt":{"rendered":"

Bronx Buildings May Get Tax Break for Environmental Upgrades Hundreds of Affordable Co-ops and Condos Eligible for Relief A new report by the Green Co-op Council reveals that hundreds of affordable co-op and condo buildings in the Bronx, including the borough’s oldest Mitchell-Lama cooperative, Amalgamated Houses, may be eligible for a new property tax break. […]<\/p>\n","protected":false},"author":6,"featured_media":2408,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rank_math_lock_modified_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[23],"tags":[],"class_list":{"0":"post-2407","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-real-estate"},"jetpack_featured_media_url":"https:\/\/i1.wp.com\/www.bxtimes.com\/wp-content\/uploads\/2024\/10\/admin-ajax-2.jpeg?w=600&p=q&w=600&resize=600,400&ssl=1","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/citystuff.com\/new-york\/wp-json\/wp\/v2\/posts\/2407"}],"collection":[{"href":"https:\/\/citystuff.com\/new-york\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/citystuff.com\/new-york\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/citystuff.com\/new-york\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/citystuff.com\/new-york\/wp-json\/wp\/v2\/comments?post=2407"}],"version-history":[{"count":1,"href":"https:\/\/citystuff.com\/new-york\/wp-json\/wp\/v2\/posts\/2407\/revisions"}],"predecessor-version":[{"id":2409,"href":"https:\/\/citystuff.com\/new-york\/wp-json\/wp\/v2\/posts\/2407\/revisions\/2409"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/citystuff.com\/new-york\/wp-json\/wp\/v2\/media\/2408"}],"wp:attachment":[{"href":"https:\/\/citystuff.com\/new-york\/wp-json\/wp\/v2\/media?parent=2407"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/citystuff.com\/new-york\/wp-json\/wp\/v2\/categories?post=2407"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/citystuff.com\/new-york\/wp-json\/wp\/v2\/tags?post=2407"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}