Make Energy Efficient Upgrades Possible With J-51 R

The New York City Department of Housing Preservation and Development (HPD) has relaunched the J-51 R tax incentive program — a powerful tool to support the rehabilitation of residential buildings. If you own or manage an eligible rent-regulated, co-op, or condominium building, J-51 R can help offset up to 70% of your capital improvement costs through property tax abatements. 

Key benefits of J-51 R: 

• Receive a property tax exemption and abatement for building renovations 
• Spread tax savings over 12 years, with up to 8.3% of costs applied annually 
• Fund critical energy efficiency upgrades required to comply with Local Law 97 
• Make necessary retrofits financially viable without passing costs onto tenants through Major Capital Improvement (MCI) increases 

With 2025 Local Law 97 compliance deadlines approaching, J-51 R can help make the energy efficiency retrofits your building needs more affordable. 

Application deadlines: 

• For projects completed on or before December 30, 2024: Apply by April 30, 2025 
• For projects completed after December 30, 2024: Apply within 4 months of the project completion date 

Need help navigating J-51 R eligibility and requirements? NYC Accelerator is here to guide you. Get in touch with a dedicated NYC Accelerator account manager today.