Inquiry
I'm looking into specifically ***** I'm curious about when the j51 rent abatement was no longer in effect on the building. It looks like from your records that it went into effect in 2002, and should last for 14 years, which would have been 2016, but records stop at 2011. Can you please clarify?
Assigned Agencys Response
The J51 benefit consists of both an exemption and an abatement. The abatement is provided upon the issuance of an HPD-approved Certificate of Eligibility (COE), and it can last for up to 20 years or until the abatement pool is depleted, whichever occurs first.
In the case below the lifetime abatement pool is $11, 250 and the abatement pool was depleted in TY12/13 as denoted in the breakdown below. Basically, there is a 20-year time limit to exhaust the abatement pool, but it generally depletes around 12 years.
Tax year J51 abatement applied Balance of CRC
2002/03 1,041.64 10,208.36
2003/04 1,041.64 9,166.72
2004/05 1,041.64 8,125.08
2005/06 1,041.64 7,083.44
2006/07 1,041.64 6,041.80
2007/08 1,041.64 5,000.16
2008/09 1,041.64 3,958.52
2009/10 1,041.64 2,916.88
2010/11 1,041.64 1,875.24
2011/12 1,041.64 833.60
2012/13 833.60 0.00