Check Whether Your J-51 Building Is on DHCR 'Problem' List
The DHCR has recently posted a list of J-51 buildings with potentially problematic registration and deregulation issues.
The J-51 tax break program gives owners tax exemptions for carrying out rehabs and renovations of older, multi-dwelling buildings. Renovation work could include such projects as installing hot water, repairing the roof, and installing an elevator. As part of the deal, owners must ensure that all the units within the building are rent regulated for the duration of the tax break, which typically lasts between 14 to 34 years.