April 4, 2014 – The state legislature early this week approved Governor Cuomo’s proposed renter property tax credit as part of the 2014 – 2015 budget (part k). The credit will also benefit condo owners. As approved, it will give a credit to owners or renters whose real property tax or tax equivalent exceeds a percentage of their income according to a schedule in the law. The real property tax equivalent equals 15.75 percent of rent not including utilities. People earning up to $200,00 will be eligible. A tenant making $50,000, for example, paying $1,500 a month rent, not including utilities, would be eligible for a credit of 4.5 percent of the excess of $2,835 [15.75 percent of an $18,000 annual rent] over 4 percent of income [$2000], or a credit of $37.58. Credits are capped at $500. The budget also includes more funding for the Low Income Housing Trust Fund and a two year extension of the Low Income Housing Tax Credit.
At the City level, Mayor De Blasio achieved State funding for his pre-k plan and said his next priority is affordable housing. He appointed three leaders of his Sandy Recovery Team to help neighborhoods that are still devastated, and named Michael Schlein as chairman of the EDC, but as of this morning, still has not named a Buildings Commissioner.
The Buildings Department, meanwhile, is beginning a series of seminars on changes in the Building Code effective in October. The first session is next week.