“The passage of this legislation is a major victory for New York City’s resident co-op and condo owners, and the renewal of the J-51 program is critical to helping keep the city’s affordable housing stock in a state of good repair. Additionally, the renewal of the revised coop-condo tax abatement marks an important step towards our goal of providing better equity, transparency and predictability in our property tax system.

“The Council has been working with members of the State Legislature and Mayor Bloomberg to provide property tax relief to low and middle income homeowners.

“We want to thank Speaker Silver, Co-Majority Leaders Skelos and Klein, Senators Golden and Stavisky, Assembly Housing Committee Chair Wright, and Assemblymember Braunstein for their leadership on this issue, and we look forward to the Governor signing this bill into law.”

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