As many of you are aware, the critical J-51 tax credit program expired in June 2021. This program was created over fifty years ago and has forged a partnership between the City and Affordable Residential housing communities to provide a reduction in taxes on Capital Improvement spending.

 

The J-51 program has been enormously successful in helping maintain and upgrade the City’s housing stock to benefit working-class families. The extension of this legislation requires both approvals at the City and State levels. The New York State Legislature and the Governor approved the extension of this program back in June 2021 for an additional year. There was little to no opposition to its’ extension.   

 

Click Here for Bob Fredrich’s Testimony