"In light of New York's housing crisis, I am proud to sign this legislation, which will allow for the construction and preservation of more affordable, sustainable, and sorely needed housing in New York City," Hochul said.
"The new Affordable Housing Rehabilitation Program is a bigger, better version of the old J-51 tax abatement program," said State Sen. Brian Kavanagh, the prime sponsor of the bill.
"As middle-class co-op and condo owners many of whom are seniors on a fixed income or young families grapple with a rising cost of living," Braunstein said.
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