Provides property exemption for Lot No. 275 in Richmond for the conversion to multiple dwellings to eliminate fire and health hazards.
Ayes (62): Adams, Addabbo, Avella, Ball, Bonacic, Boyle, Breslin, Carlucci, DeFrancisco, Diaz, Dilan, Espaillat, Farley, Felder, Flanagan, Fuschillo, Gallivan, Gianaris, Gipson, Golden, Griffo, Grisanti, Hannon, Hassell-Thomps, Hoylman, Kennedy, Klein, Lanza, Larkin, Latimer, LaValle, Libous, Little, Marcellino, Marchione, Martins, Maziarz, Montgomery, Nozzolio, O'Brien, O'Mara, Parker, Peralta, Perkins, Ranzenhofer, Ritchie, Rivera, Robach, Sampson, Sanders, Savino, Serrano, Seward, Skelos, Smith, Squadron, Stavisky, Stewart-Cousin, Tkaczyk, Valesky, Young, Zeldin
Nays (1): Krueger
TITLE OF BILL: An act in relation to tax exemptions for conversions to multiple dwellings to eliminate fire and health hazards
This bill would permit a commercial building converting to a multiple dwelling located in the county of Richmond to access J-51 benefits to enable the completion of this partially completed housing project.
SUMMARY OF PROVISIONS:
This bill specifically identifies a project on a lot numbered 275 of Richmond block numbered 1 to make it eligible to receive J-51 benefits for conversion of a commercial building to a multiple dwelling.
The conversion of a 1908 factory storage building to a multiple dwelling was commenced pursuant to a work permit issued on July 16, 2004. The building is currently in a state of partial completion. Construction was ceased because of the financial crisis and a subsequent foreclosure proceeding. At such time, this building was eligible for J-51 benefits. The building was bought out of foreclosure by the current owner. To complete this unfinished project, which constitutes a significant community eyesore, this bill is required to re-qualify the owner for J-51 benefits. The owner acquired this project out of foreclosure on the understanding that the 1-51 benefits would continue to be available. The J-51 program lapsed and the new program enacted earlier this session would not include a conversion without substantial governmental assistance. The J-51 benefits would make the converted units cleated by this project available to the target market on Staten Island.
This project was prevented by the onset and continuation of the financial crisis and the subsequent mortgage foreclosure from accessing the benefits from J-51. It was unable to be completed within the 36 month limit as required under RPTL § 489(a)(6), which this bill is intended to cure. To allow a partially finished project to continue to remain uncompleted when additional housing opportunities and tax revenues are available is counterproductive. This bill would enable this project to achieve completion and maintain a level of affordability consistent with Staten Island residents.
J-51 benefits for conversions are only available where there is substantial governmental assistance and the application is made within four years after commencement of construction.
None to the State.
STATE OF NEW YORK ________________________________________________________________________ 5118 2013-2014 Regular Sessions IN SENATE May 10, 2013 ___________Introduced by Sen. SAVINO -- read twice and ordered printed, and when printed to be committed to the Committee on Local Government AN ACT in relation to tax exemptions for conversions to multiple dwell- ings to eliminate fire and health hazards THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Notwithstanding any law, rule or regulation to the contra- ry, the provisions of subparagraph (ii) of paragraph (b) of subdivision 17 of section 489 of the real property tax law shall not be applicable to any multiple dwelling located on a lot numbered 275 of Richmond block numbered 1, as such lot and block is numbered as of the date this act shall have become a law, provided that the construction of such multiple dwellings on those lots commenced pursuant to a work permit issued on or after July 16, 2004 under New York City Department of Buildings applica- tion #500605026-01-AL and provided that such construction shall be completed on or before December 15, 2014, and provided further that, notwithstanding any other provision of law or local regulation, benefits granted pursuant to section 489 of the real property tax law for such multiple dwelling shall be granted as if construction commenced on December 30, 2011. S 2. This act shall take effect immediately.EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD10278-01-3