QUESTION
How many buildings applied for and were approved or denied for the J-51 tax incentive program, and what were the reasons for denial?
0:17:38
·
118 sec
The housing officials explain the number of buildings that applied for and received benefits under the J-51 tax incentive program.
- 96,100 buildings applied and were deemed eligible for the program.
- More buildings applied but did not complete the process or were ineligible.
- Common reasons for ineligibility included the proposed work not qualifying under program rules, or the building having an assessed value above the allowed cap for condos/co-ops.
- Buildings can apply multiple times for different scopes of work under the program.
Pierina Ana Sanchez
0:17:38
So you've answered my first question how many buildings over the last or over the course of the program have applied, he said, 9600, I believe.
0:17:47
So can you share just breaking that down.
0:17:52
How many buildings applied to the program?
0:17:54
And what were some reasons for denial in the in the previous versions of the program.
Kim Darga
0:18:01
So the universe that applied was certainly greater than the universe that received benefits.
0:18:07
The 96100 buildings are those that actually applied and were deemed eligible.
0:18:13
There were more that slide and have either not completed the process.
0:18:19
Right?
0:18:19
We're still processing applications for work through the June 2020 sorry, June 2022 deadline, and also there were buildings that were not eligible.
0:18:31
And that's for a few reasons.
0:18:35
Sometimes people apply for work that's not actually eligible based on the CRC schedule.
0:18:41
Or they don't meet certain other eligibility provisions of the programs.
0:18:49
For example, condo or cooperative building that has an assessed value above the AV cap.
0:18:57
Those are 2 of the biggest reasons, but I'll turn it over to my Tricia Deets in case she has anything else to add.
Tricia Dietz
0:19:04
Yeah.
0:19:04
One of the other pieces of the J51 program is that it is for specific work that is done, so a project can also apply more than once.
0:19:13
And so for different scopes of work, So that the application numbers do include also projects that have applied for more than one time.
Pierina Ana Sanchez
0:19:25
Do you have data on how many properties received different rounds of j51?
Tricia Dietz
0:19:31
We don't have that with us.
0:19:32
Today.
Pierina Ana Sanchez
0:19:35
Okay.
0:19:36
So when we look at I have some data that was shared here from 2014 to present.