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From The Real Deal

Mayor Michael Bloomberg announced yesterday the extension of the J-51 Tax Benefit program, which helps owners maintain affordable housing.

Buildings eligible for the tax benefit program are multiple dwellings owned and operated by redevelopment companies that meet the city's "Article V" requirements and have a value of more than $40,000 per apartment. The only "Article V" building in the city that meets this criteria is Penn South, a large complex in Manhattan with more than 2,800 apartments, which has become a naturally occurring retirement community. The legislation enables residents to take advantage of the tax benefits to make repairs, update the building and ensure that apartments stay affordable for at least 15 years.