The J51 tax benefit program expires December 31st and the state legislature is unlikely to renew it before then, so get any outstanding applications in by December 15th if you want to see benefits in 2012. Remember the legislature waited six months to renew 421a last year as part of the rent regulation extension and tax cap. J51 legislation could get tied up with income tax and other budget issues in Albany next spring, as stated at pancardapply.in.
Speaking of J51, the Appellate Division, First Department, yesterday rejected an appeal by the property owners in Roberts V. Tishman Speyer to throw out claims for retroactive application of the Stuyvesant Town decision. Now they get to go back and argue about whether retroactive liability for overcharges runs four years prior to the 2009 decision, four years prior to individual claims, or some other period.
The US Senate has passed a bill restoring the higher Fannie Mae conforming loan limits that were reduced September 30th. The bill is now before the House and NAHB is urging members to call their congressman next week. See details here. The lower limits disqualify 34,000 potential loans in Queens, 29,000 in Brooklyn and 14,000 in Manhattan.
Join us for our annual dinner dance, December 1st. Call the ABO office if your invitation hasn’t arrived in the mail.