Amalgamated Houses, the oldest Mitchell-Lama cooperative in the Bronx, is among the 247 Bronx buildings that could benefit from a new property tax break if they make environmentally-friendly upgrades. This initiative is part of a broader effort to incentivize green building practices in affordable housing across the city. The proposed bill, Intro 654, sponsored by Council Member Pierina Sanchez, aims to provide owners of eligible housing with a 70% deduction on the cost of environmentally-friendly projects from their property tax bill for a period of 12 to 20 years.
The potential upgrades include the installation of rooftop solar panels, rewiring for electric stoves, and other measures designed to reduce greenhouse gas emissions. According to Sanchez, this bill presents an opportunity to address both the need for affordable housing and the challenges posed by climate change. By providing financial incentives for property owners to invest in eco-friendly upgrades, the bill aims to benefit families while promoting sustainability.
District 11, which includes Riverdale, Kingsbridge, and Bedford Park, stands to benefit significantly from this initiative, with over 12,000 eligible co-op units. The tax break, also known as the J51 tax abatement, is expected to apply to hundreds of buildings across the city, benefiting thousands of shareholder families. This comes as a relief to housing owners who are facing the requirements of Local Law 97, which mandates significant emission reductions by 2030.
For aging cooperatives like Amalgamated Houses, the cost of necessary upgrades can be a significant financial burden. Rising insurance and operational costs, coupled with the pressure to meet emission standards, have put a strain on many families living in these buildings. The tax abatement provided by the bill would offer much-needed stability and support to these cooperatives as they work to modernize their infrastructure.
The Green Co-Op Council is calling for swift approval of the bill, emphasizing the importance of completing projects between June 2022 and June 2026 to qualify for the tax break. By encouraging sustainable practices in affordable housing, this initiative aims to create a more environmentally-friendly and financially stable future for cooperative buildings across New York City.
To learn more about the cooperatives eligible for the tax abatement, you can view a map provided by the Green Co-Op Council. For additional information and updates on this initiative, you can reach out to Emily Swanson at eswanson@schnepsmedia.com or (646) 717-0015. Stay connected with us on Twitter, Facebook, and Instagram @bronxtimes for the latest news and developments.
