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NY Governor Signs Coop / Condo Bill into Law
Governor Cuomo signed into law (Chapter 4 of the Laws of 2013) the Omnibus Housing bill that renews the coop/condo abatement and J-51 programs and amends the certain provisions of the 421a program.

REBNY the real estate board of new York worked

vigorously over the last six months for the early passage of this legislation which was agreed to at the end of the 2012 legislative session.

A brief explanation of the bill’s provisions is below.

Coop/Condo Abatement

The coop/condo abatement would be extended for three years.  However, to be eligible for the abatement, the unit must be the primary residence of the unit owner.  A unit owner may still receive an abatement for up to three units, provided they are in the same building and one of the units is the owner’s primary residence.  In addition, the thresholds for an abatement were modified as described below
 
 
J-51
 
The J-51 program, which provides a tax benefit for the renovation of existing housing, would be extended three years.  However, the amendments would eliminate benefits for the conversion of commercial space to residential use and limit the eligibility for condominium and cooperative buildings with units whose ... more

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