Mayor announces plan to help Co-op City fund much-needed repairs
The mayor announced Thursday that Co-op City will be receiving tax benefits.
Jerilyn Perine, the commissioner of the Department of Housing, Preservation and Development, says due to some minor changes in the J-51 tax abatement program, the $14 million Co-op City spent on repairs can be used as a tax credit over 10 years.
The tax credit will also help fund any future repairs at Co-op City. Mayor Bloomberg says he hopes the tax credit will help some of Co-City's problems.