Proposed Int. No. 961-A
By Council Members Brannan, Koslowitz, Yeger, Rivera, Ayala, Vallone, Menchaca, Kallos, Rodriguez, Dromm, Lander, Maisel and Ulrich (at the request of the Manhattan Borough President)
Title
A Local Law to amend the administrative code of the city of New York, in relation to extending J-51 benefits to owners of multiple dwellings for sustainable roofing zones
Body
Be it enacted by the Council as follows:
Section 1. Subdivision b of section 11-243 of the administrative code of the city of New York, as amended by local law number 60 for the year 2016, is amended to read as follows:
b. Subject to the limitations provided in subdivision d of this section and the restrictions in this section on conversion of buildings used in whole or in part for single room occupancy, any increase in the assessed valuation of real property shall be exempt from taxation for local purposes to the extent such increase results from the reasonable cost of: (1) the conversion of a class B multiple dwelling to a class A multiple dwelling except insofar as the gross cubic content of such building is increased thereby; or (2) the conversion of any nonresidential building or structure situated in the county of New York to a class A multiple dwelling except insofar as the gross cubic content of such building is increased; or (3) the conversion of any nonresidential building or structure situated in the counties of Bronx, Kings, Queens or Richmond to a class A multiple dwelling except insofar as the gross cubic content of such building or structure is increased thereby; or (4) alterations or improvements to the exterior of an otherwise eligible building or structure visible from a public street pursuant to a permit issued by the landmarks commission with respect to a designated historic or landmark site or structure; or (5) alterations or improvements constituting a moderate rehabilitation of a substantially occupied class A multipl...
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